State Bank of India (SBI) hikes Interest Rates for Fixed Deposits

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With effect from today (28th November 2018), India's largest lender State Bank of India (SBI) increased Interests on Fixed Deposit (FD). The interest rates have been hiked in the range of 5-10 basis points, or 0.05 to 0.10 per cent for fixed deposits below Rs 1 crore. The interest rate hike comes into effect a week ahead of the bi-monthly meeting of RBI's monetary policy committee scheduled for 5th December 2018.

Here are the latest SBI FD interest rates on deposits below Rs. 1 crore :

General public : Revised FD interest rates for the general public

• For the general public, interest rates on FDs of tenure 7-45 days, 46-179 days, 180-210 days, 211 days to less than a year, 3 years to less than 5 years, and 5 years up to 10 years, have not been revised.
• Interest rate on FDs of duration 1 year to less than 2 years has been hiked from 6.7% to 6.8%.
• Meanwhile, interest rate of FDs of duration 2 years to less than 3 years, has been hiked from 6.75% to 6.8%.

Senior citizens : Revised FD interest rates for senior citizens

• For senior citizens too, interest rates on FDs of tenure 7-45 days, 46-179 days, 180-210 days, 211 days to less than a year, 3 years to less than 5 years, and 5 years up to 10 years, have not been revised.
• Interest rate on FDs of duration 1 year to less than 2 years has been hiked from 7.2% to 7.3%.
• Meanwhile, interest rate of FDs of duration 2 years to less than 3 years, has been hiked from 7.25% to 7.3%.

Private sector lenders like ICICI Bank and HDFC Bank last revised their FD interest rates on November 15 and November 6 respectively.

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