State Bank of India (SBI) has increased retail term deposit interest rates by 0.25 percentage points for three years to less than five years from 8.75 per cent to 9 per cent with effect from July 1. This rate will be applicable for deposits below Rs.15 lakh, SBI said in a release. All other rates will remain the same.
Union Bank
Meanwhile, another public sector bank, Union Bank of India, has reduced interest rates for the micro and small enterprises (MSE) sector up to 300 basis points under various slabs with effect from July 1. The bank is aiming to achieve substantial credit growth to the MSE sector in the current financial year.
