SBI surges on hiking interest rate up to 50 bps for fixed deposits

State Bank Of India | Bank - Public | BFSI | BSE: 500112 | NSE: SBIN

28 Dec 2023 Evaluate

State Bank Of India is currently trading at Rs. 651.80, up by 3.45 points or 0.53% from its previous closing of Rs. 648.35 on the BSE.

The scrip opened at Rs. 650.00 and has touched a high and low of Rs. 653.35 and Rs. 646.40 respectively. So far 452082 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 660.40 on 20-Dec-2023 and a 52 week low of Rs. 499.35 on 01-Feb-2023.

Last one week high and low of the scrip stood at Rs. 653.35 and Rs. 635.25 respectively. The current market cap of the company is Rs. 579876.66 crore.

The promoters holding in the company stood at 57.49%, while Institutions and Non-Institutions held 35.11% and 7.40% respectively.

State Bank of India (SBI) has hiked interest rate up to 50 basis points (bps) for fixed deposits on select tenors. Under the revised rates effective from December 27, 2023, a deposit for between 180-210 days will fetch an interest of 5.75 per cent per annum as against the 5.25 per cent earlier. Similarly, a deposit for 7-45 days will earn 3.50 per cent interest as against 3 per cent earlier.

Other tenors with rate hike of 0.25 per cent include the 46-179 days bucket (revised rate of 4.75 per cent), 211 days to less than a year (revised rate of 6 per cent) and three years to less than five years (revised rate 6.75 per cent).

State Bank of India is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.