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SBI hikes interest rates on fixed deposits
New Delhi, July 30: The State Bank of India on Monday has hiked the interest rates on fixed deposit (FD) by up to 10 basis points with effect from today.
The new rate, which is effective from July 30, is applicable on retail deposits below Rs 1 crore.
Fixed deposits or FDs are secure financial instruments, which offer guaranteed returns. FD interest rates vary according to the tenure of the fixed deposit and across banks.
Under the revised rate structure, the deposits for 1 year to 2 years will now accrue 6.7 percent as against 6.65 percent earlier.
For the senior citizens, the new rate is 7.2 percent from 7.15 percent earlier. For the investments from 2 years to 3 years, the interest rate is revised to 7.3 percent from 7.15 percent.
SBI FD interest rates people below 60 years:
| Tenors | Existing for Public w.e.f. 28.05.2018 | Revised For Public w.e.f. 30.07.2018 |
|---|---|---|
| 7 days to 45 days | 5.75 | 5.75 |
| 46 days to 179 days | 6.25 | 6.25 |
| 180 days to 210 days | 6.35 | 6.35 |
| 211 days to less than 1 year | 6.40 | 6.40 |
| 1 year to less than 2 year | 6.65 | 6.70 |
| 2 years to less than 3 years | 6.65 | 6.75 |
| 3 years to less than 5 years | 6.70 | 6.80 |
| 5 years and up to 10 years | 6.75 | 6.85 |
SBI FD interest rates for senior citizens on fixed deposits:
| Tenors | Existing for Senior Citizens w.e.f. 28.05.2018 | Revised for Senior Citizens w.e.f. 30.07.2018 |
|---|---|---|
| 7 days to 45 days | 6.25 | 6.25 |
| 46 days to 179 days | 6.75 | 6.75 |
| 180 days to 210 days | 6.85 | 6.85 |
| 211 days to less than 1 year | 6.90 | 6.90 |
| 1 year to less than 2 year | 7.15 | 7.20 |
| 2 years to less than 3 years | 7.15 | 7.25 |
| 3 years to less than 5 years | 7.20 | 7.30 |
| 5 years and up to 10 years | 7.25 | 7.35 |
The SBI FD interest rate revision comes ahead of RBI's bi-monthly monetary policy announcement, scheduled to be released on August 1.
