SBI increases deposit rates by up to 50 basis points

SBI has raised interest rates on short-term fixed deposits by 50 basis points, marking its largest increase in recent months. The bank now offers 3.5% return on deposits between 1 week and 45 days, and 4% for senior citizens. SBI's 400-day Amrit Kalash scheme provides 7.1% interest (7.6% for senior citizens) until March 31, 2024. The bank has also increased rates for deposits between 180 to 210 days by half a percentage point. Other banks are expected to follow suit as liquidity in the system decreases.

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