Banks revise deposit rates for Personal Loan

The 50-basis-point CRR hike by the RBI in its midterm monetary policy review has led to several banks revising interest rates on fixed deposits.

State Bank of India cut its peak interest rate on the 550-day deposit by 25 basis points to 8.75 per cent.

SBI has also revised their deposit tenures. The bank was offering 8 percent on deposits of1-2 years; it will now offer 8 per cent interest on 1 year to 549-day deposits, 8.75 per cent on 550-day deposits, and 8 per cent on deposits over 550-day deposits to two years.

Centurion Bank of Punjab announced a cut of 0.50 per cent on fixed deposits for one year and above, from 8.5 per cent to 8 percent. Also a 0.25 per cent cut fixed deposits for the 13 months and 15 days term, to 9 per cent.

Other banks, such as Union Bank of India and Punjab National Bank had cut their deposit rates across various maturities last week.