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March 28, 2018

SBI hikes Interest Rates on Fixed Deposits above 2 Years

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India's largest lender State Bank of India (SBI) has announced that from today, it has increased the interest rates on Fixed Deposits by 10-25 basis points for tenures ranging between 2 to 10 years.

The new rates range between 6.6 per cent and 6.75 per cent. For fixed deposits below Rs 1 crore and with two-three years tenure the interest rate was fixed at 6.60% from the existing 6.50%. The bank owns more than one-fifth of India's banking assets.

Similarly, for term deposits between 3 years and 5 years, customers will get 6.70% interest, against 6.50% earlier.

This moves comes just a few days before the Reserve Bank of India's monetary policy announcement that will decide on key policy rate on April 5.

Here is the interest rate on SBI's Fixed Deposits effective from28th March 2018

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