SBI Savings Bank announced on the 22nd that it would raise its time deposit interest rate by 0.2 percentage points (p). The increase will take effect immediately.
The targets are time deposit products sold at SBI Savings Bank branches, online banking, and the Cider Bank (based on a 12-month subscription). Specifically, the branch time deposit interest rates rose from 2.8-2.9% to 3.0-3.1%, and the time deposit interest rates for online banking and Cider Bank increased from 2.9-3.0% to 3.1-3.2%. SBI Savings Bank plans to enhance consumer benefits due to interest rate increases while securing deposit competitiveness.
A spokesperson for SBI Savings Bank noted, "We decided to raise the time deposit interest rates to provide benefits to existing customers while attracting new ones and enhancing the competitiveness of our deposit products," adding that "we will diligently fulfill our role as a microfinance institution by providing innovative products and services that offer customers more benefits."