State Bank of India to raise base rate, lending rate

State Bank of India, the country's top lender, will raise its base rate, lending and deposit rates, all effective Jan 3. The state-run lender will raise its base rate to 8 per cent from 7.60 per cent and benchmark prime lending rate to 12.75 per cent from 12.50 per cent.

State Bank of India, the country's top lender, said late on Friday it will raise its base rate, lending and deposit rates, all effective Jan 3.

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The state-run lender will raise its base rate to 8 per cent from 7.60 per cent and benchmark prime lending rate to 12.75 per cent from 12.50 per cent, it said in a statement.

The bank will also revise its deposit rates upwards by 50-100 basis points in various maturities, it added. ICICI Bank, India's second largest lender, on Friday also said it plans to raise its base rate by 50 basis points and benchmark prime lending rate by 25 basis points, effective Jan 3.