SBI hikes fixed deposit rates on select maturities

New Delhi: Country’s largest lender State Bank of India (SBI) has increased Domestic Term Deposits or Fixed Deposit (FD) rates for some select maturity periods with effect from Wednesday (November 28).

The revised FD rates apply for amount less than Rs 1 crore. After the revision in the rates, FDs with maturity period of one to two years will fetch 6.8 percent interest as compared to 6.7 percent previously. Similarly, for senior citizens the FD for maturity period of one to two years has been revised to 7.30 percent, from 7.2 percent earlier.

SBI has also slightly hiked interest rate on FDs with maturity period from two years to three years while there is no change in other maturity periods.

SBI said that the interest rate payable to SBI Staff and SBI pensioners will be 1 percent above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50 percent above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens.

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” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits, it added.