SBI, BoB hike FD rates under I-Day schemes

sbi, bob hike fd rates under i-day schemes

SBI, BoB hike FD rates under I-Day schemes

Mumbai: State Bank of India (SBI) and Bank of Baroda (BoB) have hiked deposit rates by creating a special category around the 75th Independence Day anniversary with rates touching 6% for the first time after the pandemic.

While SBI has launched a term deposit programme called Utsav Deposit, BoB has come out with a Baroda Tiranga Deposit Scheme.

In an announcement shared on social media, SBI said it offers 6.1% per annum on fixed deposits with a tenor of 1,000 days. The deposits will fetch an additional 0.5% for senior citizens. The rates are effective for 75 days. The bank has announced the scheme as part of the 75th anniversary of independence celebrations (‘Azadi ka Amrit Mahotsav’).

BoB has increased its fixed deposit rates by introducing a new category for 555 days, which will offer 6% interest. The bank has said this is a limited period offer, and the interest rate will be applicable between August 16th and December 2022. Without the special deposit scheme, the bank’s highest return is 5.5%.

Banks’ term deposits have been below the 6% mark for two years now as they were flush with funds after the RBI released liquidity to prevent credit markets from freezing. Although the RBI has raised the repo rate by 140 basis points (100bps = 1 percentage point) this year, interest on bank deposits has not kept pace. This is because of the banking system’s surplus liquidity, which keeps interest rates low. The best rates of the top private and public sector banks are in the 5.5-5.75% range. Depositors are set to lose an avenue for relatively higher returns on triple-A rated deposits with HDFC set to merge with HDFC Bank.

The weighted average deposit rate of public sector banks, which was 6.38% in March 2020, dropped to a low of 5.10% in February 2022. Since then, it has improved marginally to 5.17% in June. In the case of private banks, the average deposit rate has fallen from 6.54% in March 2020 to a low of 5.13% in April 2022 and has recovered to 5.25% in June.

Launching SBI’s startup branch in Bengaluru, SBI chairman Dinesh Khara said that the specialised unit would provide end-to-end services to startups. He said that after Bengaluru, the bank would open its branch focused on startups in Gurgaon and after that in Hyderabad. These branches would support the entire startup ecosystem by catering to the requirements of private equity, venture capital and alternate investment funds.

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