State Bank of India hikes rates for term depositshttps://indianexpress.com/article/business/banking-and-finance/state-bank-of-india-hikes-rates-for-term-deposits-5283917/

State Bank of India hikes rates for term deposits

Earlier on May 28, the bank had increased the interest rates of its retail term deposits below Rs 1 crore by up to 25 bps.

The rates, however, had been revised only for the term deposits of select terms.

The country’s largest lender State Bank of India (SBI) has revised interest rates of both its retail and bulk term deposits with effect from Monday. The rates have been revised across various tenures for both general public and senior citizens.

With the latest revision, retail domestic term deposits (below Rs 1 crore) of one year to less than two years will now fetch 6.70 per cent interest as against 6.65 per cent earlier, while retail term deposits of two years to less than three years will earn 6.75 per cent interest as against 6.65 per cent

Similarly, while retail term deposits of three years to less than five years will now earn 6.80 per cent interest as against 6.70 per cent earlier, the fixed deposits of five years and up to ten years will fetch 6.85 per cent interest as against 6.75 per cent earlier. For senior citizens, while term deposits of one year to less than two years will fetch 7.20 per cent interest as against 7.15 per cent earlier, term deposits of five years and up to 10 years will earn 7.35 per cent interest as against 7.25 per cent before, while the fixed deposits (FDs) of three years to less than five years will earn 7.30 per cent interest as against 7.20 per cent earlier.

Domestic Term Deposits rates. (Source: sbi.co.in)

Earlier on May 28, the bank had increased the interest rates of its retail term deposits below Rs 1 crore by up to 25 bps. The rates, however, had been revised only for the term deposits of select terms. As per the SBI website, for bulk term deposits of short tenures, the bank on Monday slashed interest rates.