New Delhi: Country’s largest bank SBI or State Bank of India has increased fixed deposit or FD rates for some selective maturity periods. This competitive move comes after rate hikes by other major banks including ICICI Bank and HDFC Bank. The revised SBI rates on retail FDs of less than Rs 1 crore are effective from today. According to the revised rates, SBI is offering 6.8% interest rate on FDs with a maturity period of one to two years, as compared to 6.7% earlier. The interest rate for senior citizens also goes up to 7.30% on SBI FDs with tenure between one year and two years, from 7.2% earlier.
Similarly, SBI has hiked interest rate on FDs with maturity period between two years and three years. SBI is now offering 6.80% as compared to 6.75% earlier. The interest rate for senior citizens also goes up to 7.30% on SBI FDs with tenure between two years and three years, from 7.25% earlier.
The interest rate on SBI FDs with the maturity of 7 days to 45 days remains unchanged at 5.75%. For FDs between 46 days and 179 days, the interest rate remains steady at 6.25%. Similarly, for FDs with a maturity of 180 days to 210 days, the interest rate remains unchanged at 6.35%. And for 211 days to less than 1 year, the interest rate remains steady at 6.40%.
SBI has kept interest rate unchanged for FDs with other maturity tenures. SBI offers FDs across a wide range of maturity tenures, starting from seven days to 10 years.
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