State Bank of India (SBI) has increased interest rates on retail term deposits by 25-75 basis points for deposits up to 1 year, effective May 15, 2024. For deposits below Rs 2 crore, rates now range from 5.5% to 6.25%. Bulk deposit rates for Rs 2 crore and above also saw hikes of 10-50 basis points across short and medium tenures. SBI aims to meet strong credit demand while considering market conditions and future interest rate trends. India Ratings predicts elevated banking rates in 1HFY25 due to persistent liquidity tightness and robust credit demand.