State Bank of India, SBI, has raised its base rates by 0.25 per cent to 9.5 per cent. SBI's move to raise rates comes on the back of ICICI Bank raising rates by the same percentage last week. SBI has also hiked the savings deposit rate by 1 per cent across all deposits giving some relief to small investors. The new rates will be effective from Monday. The base rate is the minimum rate at which banks can lend.