Mumbai : The State Bank of India (SBI) has hiked interest rates on fixed deposits of various tenures with effect from Monday. The bank has made its retail deposits – those below Rs 1 crore – across longer maturity baskets more attractive by 5-10 basis points.
While interest rates on deposits of tenures longer than two years have gone up by 0.1 per cent, the hike on tenures of 1 year to less than 2 years stands at 0.05 per cent. Bulk deposits of over Rs 1 crore
for tenures of under two years
will now earn less interest – rates have been slashed by 30-45 basis points.
The interest rate on such deposits for 46 days to 179 days has been slashed by 45 basis points, or 0.45 per cent.
However, bulk deposits of Rs 1-10 crore as well as over Rs 10 crore will now earn 6.85 per cent, as much as 60 basis points higher, on the 5-10 years tenure.
