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.

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

State Bank of India (SBI) has raised interest rates for fixed deposits for several maturity periods (Priyanka Parashar/Mint)

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 ₹1 crore, with effect from July 30th.

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