
Good news! SBI fixed deposit interest rates hiked by up to 25 bps
Good news for the SBI customers, particularly those looking to invest in bank fixed deposits (FDs) for a short to medium term. The State Bank of India, the nation’s largest bank, has again hiked the interest rates on retail term deposits below Rs 1 crore with effect from May 28, 2018, by up to 25 bps. However, the interest rates have been revised only on the FDs of a few select terms.
For example, term deposits of 1 year to less than 2 years will now fetch 6.65 per cent interest as against 6.40 per cent earlier, while term deposits of 2 years to less than 3 years will earn 6.65 per cent interest as against 6.60 per cent earlier. Similarly, for senior citizens, while term deposits of 1 year to less than 2 years will earn 7.15 per cent interest as against 6.90 per cent earlier, term depos