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July 30, 2018

SBI hikes Fixed Deposit (FD) Rates

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India's largest lender State Bank of India (SBI) today hiked it's Fixed Deposit (FD) Interest Rates by upto 10 basis points. The new interest rates, which are effective from July 30, are applicable on retail deposits below Rs 1 crore.

Interest rates have been hiked in the range of 5 basis points to 10 basis points, which translates to a rise by 0.05 per cent to 0.1 per cent.

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 senior citizens, while term deposits of one year to less than two years will fetch 7.20% interest as against 7.15% earlier, term deposits of five years and up to ten years will earn 7.35% interest as against 7.25% before.

For investments from 2 years to 3 years, the interest rate has also been revised to 7.3 percent from earlier 7.15 percent.

Revision in Interest Rates On Retail Domestic Term Deposits (Below Rs 1 Crore) w.e.f. 30th July 2018

Revision in Interest Rates on Domestic Bulk Term Deposits (Rs 1 Crore to Rs 10 Crore) w.e.f. 30th July 2018

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