The revised rates will be applicable from November 28 for FDs of less than Rs 1 crore
Ahead of the Reserve Bank of India's monetary policy review on December 5, State Bank of India (SBI) has hiked interest rates on fixed deposits (FD) by 5-10 basis points for select tenors.
The revised rates will be applicable from November 28 for FDs of less than Rs 1 crore.
According to a notification on the banks' website, FDs with maturity periods of 1-2 years will fetch an interest of 6.8 percent, up from 6.7 percent earlier.
Similarly, interest on FDs with tenors of 2-3 years has been increased to 6.8 percent from 6.75 percent earlier.
Interest rates offered to senior citizens on FDs with the same tenors have also been increased by a corresponding amount.SBI FD interest rates for general public:
SBI FD interest rates for senior citizens:
In the recent months, both public and private banks have increased the interest rates they offer on FDs.The latest to do so were private lenders ICICI Bank and HDFC Bank who revised their rates on November 15 and November 6, respectively.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.