2 min read.Updated: 10 Jan 2021, 12:07 PM IST Edited By Sangeeta Ojha
State Bank of India (SBI) hikes fixed deposit (FD) interest rates for select maturities
The new SBI fixed deposit (FD) interest rates are effective from January 8
State Bank of India (SBI) has increased fixed deposit or FD rates for some select maturity periods. The revised SBI rates on retail FDs of less than ₹ 2 crores are effective from 8 January. The bank has hiked the interest rates on fixed deposits (FDs) for 1 year to less than 2 years by 10 basis points (bps). The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. SBI had earlier revised interest rates on fixed deposits on 10 September 2020.
After the latest revision, SBI FDs between 7 days to 45 days will now fetch 2.9%. Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%. Deposits with maturity between 1 year and up to less than 2 years will give 10 bps more now. These deposits will fetch an interest rate of 5% instead of 4.9%. FDs maturing in 2 years to less than 3 years will give 5.1%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will continue giving 5.4%.