At a time when growth in bank credit is outstripping that of deposits, several lenders, including the country's largest bank, State Bank of India (SBI), have raised deposit rates ahead of the festival season in order to fund the demand for loans.
Commemorating 75 years of India's independence, SBI has launched a 75-day Utsav Deposit Scheme, offering 6.10 per cent for fixed deposits. Senior citizens will get an additional 0.50 per cent and the offer is on until October 30, SBI said.
Bank of Baroda on Tuesday announced the 'Baroda Tiranga Deposit Scheme'. Deposits under the scheme are available in two buckets: One that offers 5.75 per cent per annum for 444 days and another 6 per cent for 555 days.
"The Baroda Tiranga Deposit Scheme offers a higher rate of interest and the flexibility to choose from two tenors," said Ajay K Khurana, executive director, Bank of Baroda.
This story is from the August 17, 2022 edition of Business Standard.
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This story is from the August 17, 2022 edition of Business Standard.
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