Public sector lender, State Bank of Bikaner and Jaipur (SBBJ) has increased its fixed deposit rates by as much as 105 basis points. The rate hike by the lender comes as a follow up of its parent bank, State Bank of India.
The revised rates come into effect from today, December 9.
The highest interest rate offered by the bank for deposits less than Rs 15 lakhs stands at 8.8% following revision.
Deposits having maturity between 365 to 554 days will now have interest of 8% as against 7.25% earlier. Interest on 556 days to less than 2 year deposits will also be 8% from 7.25% earlier.
Deposits having tenor between 730 days-999 days will now have interest of 8.3%. Maturities between 1001 days to less than 3 years will also attract 8.3% interest.
The maximum rise has been made in deposits of 5 years and above 10 years to 8.8%.
SBI also raised its rates by 150 bps recently.