State Bank of India (SBI), the country's largest lender, today announced an increase in its base lending rate and term deposit rates of up to 180 days maturity.
SBI revised its base rate by 75 basis points from 8.50 per cent per annum to 9.25 per cent per annum effective 12 May 2011.
SBI also increased its Benchmark Prime Lending Rate (BPLR) by 75 bps from 13.25 per cent per annum to 14.00 per cent per annum effective 12 May 2011.
State-run SBI also announced an increase in its term deposit rates, mostly in the lower term bracket.
Accordingly, the new deposit rates for periods between 7 and 90 days will go up to 6.25 per cent per annum while for deposits of 91 to 180 days the new rate will be 7 per cent per annum.