SBI raises Fixed Deposit interest rates

The new rate, which is effective from July 30, is applicable on retail deposits below Rs 1 crore.

SBI raises Fixed Deposit interest rates

New Delhi: The State Bank of India has hiked the interest rates on fixed term deposits by up to 10 basis points.

The new rate, which is effective from July 30, is applicable on retail deposits below Rs 1 crore. 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 the senior citizens, the new rate is 7.2 percent from 7.15 percent earlier. For the investments from 2 years to 3 years, the interest rate is revised to 7.3 percent from 7.15 percent.

"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.

Revised SBI FD interest rates people below 60 years

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 6.40 6.40
1 year to less than 2 year 6.65 6.70
2 years to less than 3 years 6.65 6.75
3 years to less than 5 years 6.70 6.80
5 years and up to 10 years 6.75 6.85

Revised SBI FD interest rates for senior citizens

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 6.90 6.90
1 year to less than 2 year 7.15 7.20
2 years to less than 3 years 7.15 7.25
3 years to less than 5 years 7.20 7.30
5 years and up to 10 years 7.25 7.35

The SBI FD interest rate revision comes ahead of RBI's bi-monthly monetary policy announcement. The monetary policy committee commences its three-day meeting on today and will announce its resolution on August 1.

After last review in June, when the RBI hiked rates by 0.25 percent, and data releases showing hardening in inflation, many analysts had voted for a rate hike. But the divide on the call seems to be coming out now as the review date nears. Last week, economists at country's largest lender SBI had also said that the RBI may go for a status quo this time.

 

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