<p>Accordingly, the bank will now offer 6.75 per cent rate for deposits having 390-days maturity as against 6.50 per cent earlier, while for deposits of 590-days maturity the new interest rate will be 6.75 per cent compared with earlier rate of 6.25 per cent.<br />With this, hardening of interest rates in the banking sector has begun in earnest, even as State Bank of India (SBI) may have opted to hold on to the old rates on the grounds of bank having surplus liquidity. The way banks – private or public sector – have opted to hike deposit rates selectively indicates their liquidity position. While, ICICI Bank opted to hike its deposit rates in select tenures by up to 0.50 per cent, HDFC Bank Friday last hiked deposit rates across some maturities up to 1.50 per cent. Early this month, IDBI Bank had also hiked its deposit rates by 0.25 per cent in some tenures. </p>
<p>Accordingly, the bank will now offer 6.75 per cent rate for deposits having 390-days maturity as against 6.50 per cent earlier, while for deposits of 590-days maturity the new interest rate will be 6.75 per cent compared with earlier rate of 6.25 per cent.<br />With this, hardening of interest rates in the banking sector has begun in earnest, even as State Bank of India (SBI) may have opted to hold on to the old rates on the grounds of bank having surplus liquidity. The way banks – private or public sector – have opted to hike deposit rates selectively indicates their liquidity position. While, ICICI Bank opted to hike its deposit rates in select tenures by up to 0.50 per cent, HDFC Bank Friday last hiked deposit rates across some maturities up to 1.50 per cent. Early this month, IDBI Bank had also hiked its deposit rates by 0.25 per cent in some tenures. </p>
