SBI Raises Fixed Deposit (FD) Interest Rates

State Bank of India, the largest lender of the country, has revised its fixed deposit (FD) interest rates with effect from today. FD interest rates have been revised across various tenures, amounts and for both general and senior citizens, stated SBI’s corporate website, sbi.co.in. On fixed deposits below Rs 1 crore, interest rates have been raised between 5 basis points-10 basis points, which means between 0.05 per cent-0.1 per cent across tenures of 1 year-up to 10 years. One basis point is equal to 0.01 per cent.

Latest SBI FD interest rates for general public:

The following SBI FD interest rates are applicable on retail fixed deposits (below Rs 1 crore) with effect from 30.07.2018:

(All figures in % per annum)

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 6.4 6.4
1 year to less than 2 year 6.65 6.7
2 years to less than 3 years 6.65 6.75
3 years to less than 5 years 6.7 6.8
5 years and up to 10 years 6.75 6.85

Latest SBI FD interest rates for senior citizens:

The following SBI FD interest rates for senior citizens are applicable on retail fixed deposits (below Rs 1 crore) with effect from 30.07.2018:

(All figures in % per annum)

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 6.9 6.9
1 year to less than 2 year 7.15 7.2
2 years to less than 3 years 7.15 7.25
3 years to less than 5 years 7.2 7.3
5 years and up to 10 years 7.25 7.35

The interest rate payable to SBI staff and SBI pensioners is 1 per cent above the applicable rate, SBI said. The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.

SBI last revised its fixed deposit interest rates on May 28.

Other banks may soon follow suit.

The revision in fixed deposit interest rates by SBI comes ahead of Reserve Bank of India ‘s third bi-monthly policy review, scheduled to be released on August 1. According to the latest Reuters poll, thirty-seven of 63 economists said that the RBI will raise key interest rates again in August and 22 respondents said the next rate hike would come by end-2018 or in the January-March quarter next year.

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