New Delhi: State Bank of India (SBI) has hiked the interest rates on fixed term deposits. In the revised rates, the hike is of 10 basis points. The new rate is effective from today, July 30, 2018, and is applicable on retail deposits below Rs. 1 crore.
The rate has been hiked for both senior citizen customers and customers below 60 years. Under the new 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, the new rates with give interest of 7.20 percent as against earlier rate of 7.15 percent for deposits for 1 to 2 years.
“The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks,” SBI said in a statement. The SBI FD interest rate revision has come ahead of RBI’s bi-monthly monetary policy announcement. The monetary policy committee will commence its three-day meeting today and will announce its resolution on August 1.
Revised SBI FD interest rates