SBI hikes fixed deposit interest rates, effective immediately: Details here
What's the story
India's largest lender, the State Bank of India (SBI), on Wednesday announced revised interest rates for fixed deposits (FDs), and the new rates will take effect starting immediately.
The hike in FD interest rates, ranging from 0.05%-0.10%, comes ahead of the fifth bi-monthly monetary policy review outcome, slated to come out on December 5.
Here are the details.
General public
Revised FD interest rates for the general public
For the general public, interest rates on FDs of tenure 7-45 days, 46-179 days, 180-210 days, 211 days to less than a year, 3 years to less than 5 years, and 5 years up to 10 years, have not been revised.
Interest rate on FDs of duration 1 year to less than 2 years has been hiked from 6.7% to 6.8%.
Meanwhile, interest rate of FDs of duration 2 years to less than 3 years, has been hiked from 6.75% to 6.8%.
Senior citizens
Revised FD interest rates for senior citizens
For senior citizens too, interest rates on FDs of tenure 7-45 days, 46-179 days, 180-210 days, 211 days to less than a year, 3 years to less than 5 years, and 5 years up to 10 years, have not been revised.
Interest rate on FDs of duration 1 year to less than 2 years has been hiked from 7.2% to 7.3%.
Meanwhile, interest rate of FDs of duration 2 years to less than 3 years, has been hiked from 7.25% to 7.3%.
Information
SBI staff and SBI pensioners will get 1% extra interest
Meanwhile, FD interest rates payable to SBI staff and SBI pensioners will be 1% above the applicable rates for the general public, and senior citizens, respectively.