Analysts told ET that banks are compelled to hike deposit rates. State Bank of India raised interest rates on certain term deposits by 25 to 50 basis points last week. It also launched a scheme to offer rate of interest of 7.10 per cent for a tenure of 400 days, valid till March 31, 2024. Kotak Mahindra Bank, on the other hand, has hiked interest rates on some fixed deposits of tenures above three years by 50 to 75 basis points. DCB Bank, a new generation private sector bank, hiked its rates by 10 basis points to 7.85 per cent in the 12 months 1 day to 12 months 10 days bucket.