Even as the government reduced rates on small saving schemes, the second largest public-run lender has with effect from January 1, 2018 revised rates upwards on both bulk and non-bulk deposits for different maturities.
In the non-bulk category, for term deposits less than Rs. 1 crore, yield have now been revised to 5.25% against the previous 4% for deposits maturity between 7-29 days and 30-45 days. Those deposits maturing between 46-90 days will now on fetch 6.25% while the others in the maturity basket of 91-179 days will fetch 6.25%.
Similarly the bank has also revised interest rate on bulk deposits over Rs. 1 crore to Rs. 10 crore for different maturities. Deposits maturating in one or between one and three years shall now on fetch the highest 5.5% return per annum.