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SBI leaves PLR unchanged

Our Bureau

MUMBAI, March 2

STATE Bank of India has announced that its prime lending rate (State Bank Advance Rate) and medium term lending rate will remain unchanged and will continue to be at the present levels of 11.5 per cent per annum and 12 per cent respectively.

SBI has introduced changes in its short term lending rates and deposit rates effective March 5.

The short term PLR (State Bank Short Term Advance Rate) is now 10.5 per cent per annum for maturities up to 180 days, and 11 per cent per annum for maturities exceeding 180 days but less than one year, said a news release from the bank.

The interest rate for domestic term deposits of amounts less than Rs. 15 lakhs for the duration of 15 days to 45 days has been increased to 5.25 per cent from the existing rate of five per cent; for the duration 46 days to 179 days the rate has been revi sed upwards to 6.5 per cent from the existing 6.25 per cent.

For the three duration segments of 180 days to less than one year, one year to less than two years and two years to less than three years, the interest rates remain unchanged.

For the period three years and above, the rate of interest has been revised to 9.5 per cent from the existing 10 per cent.

For domestic term deposits of Rs. 15 lakh up to Rs. 1 crore, the interest rates for the durations 15 days to 45 days and 46 days to 179 days remain unchanged at 5.5 per cent and 6.75 per cent respectively.

The rate of interest on deposits for 180 days to less than one year has been revised to seven per cent from the existing rate of 7.5 per cent.

For the duration one year to less than two years, the rate has been revised to 8.5 per cent (nine per cent, earlier); for two years to less than three years, to nine per cent (9.5 per cent); for three years and above the new rate is 9.5 per cent (10.5 pe r cent).

Domestic term deposits of Rs. 1 crore and above will attract the same rates as before for the durations of 15 days to 45 days (5.75 per cent) and 46 days to 179 days (seven per cent).

For the period 180 days to less than one year, the interest rate has been revised to seven per cent (7.75 per cent); for the period one year to less than two years, to 8.5 per cent (9.25 per cent); and for the period two years to less than three years, t o nine per cent (9.75 per cent). For the duration of three years and above, the interest rate is now 9.5 per cent (10.75 per cent).

The revised rates on deposits of Rs. 15 lakh and over are payable only if the deposit runs for the full contracted period, said the news release.

No change was proposed in respect of rates of interest payable on NRE and NRNR deposits, the release added.

Related links:
Jalan raises toast to Sinha's Budget -- Bank Rate cut to 7%
Bank rate cut in keeping with current trends: SBI chief
SBI cuts PLR to 11.5 pc -- Other banks, institutions in wait-and-watch mode

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