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SBI Hikes Interest Rates on FDs

Do you like to save in Fixed Deposit? So here is a good news for you. The largest bank in India, SBI has now made a hike in the interest rate of fixed deposits below Rs.1 crore. According to the official website of SBI, there has been revision interest rates in some of the select maturities by up to 25 basis points. The interest rate for SBI FDs which have a maturity of one year to less than 2 years has now been hiked to 6.65%, which was earlier 6.4%. From now on, the interest rate for Senior Citizens will be 7.15% which was 6.9% earlier. The revised or the hiked interest rate on State Bank of India Fixed Deposits will be effective from May 28.

All the SBI FDs which will have a maturity period of 2 years to less than 3 years will give an interest rate of 6.65% as compared to 6.6% earlier. The Senior Citizens will be able to fetch 7.15%, higher than 7.10% earlier.

The rate of interest for FDs with other maturities have not been changed. The interest rate for FDs which have a maturity period of 7 days to 45 days is 5.75%, 46 days to 179 days is 6.25% and for FDs with maturity of 180 days to 210 days is 6.35%. Some of the other maturity brackets like 211 days to less than 1 year will give you an interest rate of 6.4%, 3 years to less than 5 years will fetch 6.7% and 5 years to up to 10 years will offer 6.75%.

Tenors Existing for Public w.e.f. 28.03.2018 Revised For Public w.e.f. 28.05.2018 Existing for Senior Citizens w.e.f. 28.03.2018 Revised for Senior Citizens w.e.f. 28.05.2018
7 days to 45 days 5.75 5.75 6.25 6.25
46 days to 179 days 6.25 6.25 6.75 6.75
180 days to 210 days 6.35 6.35 6.85 6.85
211 days to less than 1 year 6.4 6.4 6.9 6.9
1 year to less than 2 year 6.4 6.65 6.9 7.15
2 years to less than 3 years 6.6 6.65 7.1 7.15
3 years to less than 5 years 6.7 6.7 7.2 7.2
5 years and up to 10 years 6.75 6.75 7.25 7.25
(Source: sbi.co.in)
After an increase in interest rate of SBI fixed deposits, some of the other leading banks in India may also follow the same.

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