SBI fixed deposit interest rates hiked; highest available 7.20%

State Bank of India on Monday revised its fixed deposit (FD) interest rates, hiking it from 0.05% to 0.1%. The new rates will be applicable starting July 30. The bank has been realigning its deposit rates in line with the market.

State Bank of India on Monday revised its fixed deposit (FD) interest rates, hiking it from 0.05% to 0.1%. Image source: Reuters

State Bank of India on Monday revised its fixed deposit (FD) interest rates, hiking it from 0.05% to 0.1%. The new rates will be applicable starting July 30. The bank has been realigning its deposit rates in line with the market.

With the revision of FD rates, the bank is now offering an interest rate of 6.70% on term deposits of 1 year to 2 years, which is up from the existing rate of 6.65%. Meanwhile, for deposits between a time period of two-three years, the rates have been hiked to 6.75% from 6.65% which the bank is currently offering.

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The interest rates for senior citizens have gone up from 7.15% to 7.20% for a period of one to two years while for two to three years, the rate has been raised to 7.25% from the existing 7.15%.

Source: DNA Money

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State Bank of India