SBI, PNB hike bulk deposit rates

Top public sector lenders State bank of India (SBI) and Punjab National Bank (PNB) have raised interest rates on bulk deposits above Rs 1 crore with effect from November 30 and December 1, 2017, respectively. SBI has raised it by one percentage point for deposits across tenures. Now, any deposit with SBI above one year will fetch you an interest rate of 5.25 per cent against the earlier 4.25 per cent. In November, SBI reduced interest rates on deposits below ` 1 crore. PNB has ha raised the interest rate by 50 bas basis points to 5 per cent. The bulk deposit depo rates were reduced sharply by banks ban after the excess liquidity post demonetisation.