SBI increases interest rates on fixed deposits

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Fixed deposit customers have more to benefit as SBI increases its interest rate offered on these deposits by 10 to 25 basis points across a variety of tenures. The new interest rates come into effect from today.

State Bank of India
State Bank of India increases interest rates across various tenures of fixed deposits

State Bank of India is India’s largest lender and has earned loyalty of a large customer base over the years. The news of the interest rate hike will encourage more people to invest in these deposits. Those who stand to benefit the most are those who have deposits below Rs.1 crore.

One basis point is equal to 1/100th of a percentage. For those investing in FDs for more than a year but less than 2 years, the interest rate offered is 6.4% p.a. Senior citizens are entitled to 50bps over and above the regular rate, making the interest rate on the same deposit 6.9% p.a. For fixed deposits that exceed Rs.1 crore up to Rs.10 crore, if the tenure is 1 year up to less than 2 years, the interest rate has been hiked by 25bps.

Given below is the revised term deposit rates, effective 28 March 2018:

  • 7 days to 45 days – 5.75% p.a. – no change
  • 46 days to 179 days – 6.25% – no change
  • 180 days to 210 days – 6.35% – no change
  • 211 days to less than 1 year – 6.40% – no change
  • 1 year to less than 2 years – 6.40% – no change
  • 2 years to less than 3 years – 6.60% – 0.10% increase
  • 3 years to less than 5 years – 6.70% – 0.20% increase
  • 5 years up to 10 years – 6.75% – 0.25% increase

Senior citizens will receive 0.50% more in interest across all deposits. Staff and pensioners of SBI are entitled to 1% extra on the regular interest rates that are applicable to the general public. Over and above this, SBI pensioners who are 60 years and above will receive both benefits, i.e., 1% for pensioner + 0.50% for senior citizen.

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