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New Delhi: Interest rates are unlikely to fall in the near future as expected with the State Bank of India raising the fixed deposit rate of various maturities up to 1.5 percentage points. Other banks also plan to raise deposit rates.
After SBI's increase, other banks have no choice but to raise the rates to mobilize resources in the domestic market, chairman of a public sector bank said.
As the cost of funds for banks will increase, they will resort to raising the lending rates. A senior banker said banks will announce the increased rates in near future.
SBI has decided to increase deposit rate to 7% on maturity of 91 days to 180 days. The rate on deposits of maturity period between 181 days and one year has been revised by one percentage point to 7.50%. Similarly, rate on one year and 549 days have been increased by half a percentage point to 8.75%. That on deposits of 550 days has been increased by 25 basis points to 8.75%.
While rate on two years and three years has been increased by quarter a percentage point to 8.5%, that on three years and 10 years remained unchanged at 8.5%.
For the senior citizen also, the new rate has been revised by quarter to half a percentage point. The interest rate on deposits between one year to less than two years have been increased by half a percentage point to 9.25%. SBI had recently cut the deposit rate from December 17 by around quarter to half a percentage point. But, in the last two months, a banking source said, there was sign of liquidity drying up. This has forced the bank to revise the rate upwards, which is higher than the rate prevailing before December 17.
A banking source said in the last two months, the increase in credit offtake is far higher than the deposits received by banks. According to RBI data, the credit offtake during fortnight ending December 7 increased by Rs 16,507 crore as against the rise in deposits by only Rs 4,697 crore. In the fortnight ending November 30, also, while the deposits went up by Rs 4,980 crore, credit offtake rose Rs 10,713 crore.