Mumbai (Maharashtra) [India], May 10 (ANI): The country’s largest lender State Bank of India (SBI) has hiked interest rates on domestic bulk term deposits of Rs 2 crore and above by up to 0.90 per cent with effect from Tuesday. The interest rate on fixed deposits of Rs 2 crore or above for 5 to 10 years has been increased to 4.5 per cent from earlier 3.6 per cent, an increase of 0.90 per cent, as per the updated interest rate data available on SBI’s website.

For two to three-year term deposits, the interest rate has been increased to 4.25 per cent from the earlier 3.6 per cent. Bulk fixed deposits of 180 days to 210 days will now fetch interest of 3.75 per cent from the earlier 3.50 per cent.

Major banks and other financial institutions have increased both lending and deposit rates in recent days after the Reserve Bank of India (RBI) earlier this month hiked the policy repo rate by 0.40 per cent to 4.40 per cent. In an off-cycle meeting, the RBI’s Monetary Policy Committee has also hiked the cash reserve ratio (CRR) of banks by 50 basis points or 0.50 per cent to 4.5 per cent.

SBI to raise $2 billion long-term fund in 2022-23

The country’s largest lender State Bank of India on Tuesday said its board has approved a proposal to raise $2 billion long-term fund in the current financial year. In a regulatory filing to the stock exchanges, SBI said the fund would be raised in a single or multiple tranches.

“To examine the status and decide on long term fund raising in single / multiple tranches up to US$2 billion under Reg-S/144A, through a public offer and / or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2022-23,” SBI said. The decision was taken by the Executive Committee of the Central Board of SBI in its meeting held on Tuesday. (ANI)