SBI hikes interest rates on fixed deposits for select maturities | business news | Hindustan Times
Today in New Delhi, India
Aug 18, 2018-Saturday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

SBI hikes interest rates on fixed deposits for select maturities

While there is no change in interest rates on term deposits with a maturity period of less than a year, rates on deposits with maturities greater than a year have been hiked in the range of 5 to 10 basis points.

business Updated: Jul 30, 2018 14:52 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
SBI interest rates,SBI FD rates,SBI fixed deposit
State Bank of India (SBI) has raised interest rates for fixed deposits for several maturity periods(Priyanka Parashar/Mint)

State Bank of India (SBI) has raised interest rates for fixed deposits for several maturity periods. The revised rates come into effect from Monday.

While there is no change in interest rates on term deposits with a maturity period of less than a year, rates on deposits with maturities greater than a year have been hiked in the range of 5 to 10 basis points.

A basis point is a tenth of a percent. A five basis points hike translates to .05%.

Here are the revised rates SBI is offering on term deposits worth less than Rs 1 crore, with effect from July 30th.

TENORSExisting (28.05.2018)Revised (w.e.f. 30.07.2018)Existing for Senior Citizens (28.05.2018)Revised for Senior Citizens (w.e.f. 30.07.2018)
7 days to 45 days 5.75 5.75 6.25 6.25
46 days to 179 days 6.25 6.25 6.75 6.75
180 days to 210 days 6.35 6.35 6.85 6.85
211 days to less than 1 year 6.4 6.4 6.9 6.9
1 year to less than 2 year 6.65 6.7 7.15 7.2
2 years to less than 3 years 6.65 6.75 7.15 7.25
3 years to less than 5 years 6.7 6.8 7.2 7.3
5 years and up to 10 years 6.75 6.85 7.25 7.35

For term deposits greater than Rs 1 crore and less than Rs 10 crore, the revised rates are as follows:

TENORSExisting (28.05.2018)Revised (w.e.f. 30.07.2018)Existing for Senior Citizens (28.05.2018)Revised for Senior Citizens (w.e.f. 30.07.2018)
7 days to 45 days 5.75 5.75 6.25 6.25
46 days to 179 days 6.7 6.25 7.2 6.75
180 days to 210 days 6.7 6.35 7.2 6.85
211 days to less than 1 year 6.75 6.4 7.25 6.9
1 year to less than 2 years 7 6.7 7.5 7.2
2 years to less than 3 years 6.75 6.75 7.25 7.25
3 years to less than 5 years 6.65 6.8 7.15 7.3
5 years and upto 10 years 6.25 6.85 6.75 7.35

First Published: Jul 30, 2018 14:48 IST