State Bank of India, the country's largest lender, has raised its interest rates on fixed deposits, effective Monday. The revised rates come across various maturities and amounts and will apply to senior citizens as well.
The bank has raised interest by 5-10 basis points on deposits of below Rs 1 crore. This revision comes just before the Reserve Bank of India's third bi-monthly policy review, which is scheduled to be announced on August 1.
For SBI customers, interest rates on recurring deposits of SBI are the same as that on FDs, and will therefore, change accordingly from Monday. The bank's last review of interest rates was on May 28.
It is believed that other banks may take cue from the state-owned lender and follow suit with interest rate hikes of their own.
SBI's interest rates, applicable on retail deposits of below Rs 1 crore, are now as detailed below:
| Tenors | Existing for Public w.e.f. 28.05.2018 | Revised For Public w.e.f. 30.07.2018 |
| 7 days to 45 days | 5.75 | 5.75 |
| 46 days to 179 days | 6.25 | 6.25 |
| 180 days to 210 days | 6.35 | 6.35 |
| 211 days to less than 1 year | 6.4 | 6.4 |
| 1 year to less than 2 year | 6.65 | 6.7 |
| 2 years to less than 3 years | 6.65 | 6.75 |
| 3 years to less than 5 years | 6.7 | 6.8 |
| 5 years and up to 10 years | 6.75 | 6.85 |
| Tenors | Existing for Senior Citizens w.e.f. 28.05.2018 | Revised for Senior Citizens w.e.f. 30.07.2018 |
| 7 days to 45 days | 6.25 | 6.25 |
| 46 days to 179 days | 6.75 | 6.75 |
| 180 days to 210 days | 6.85 | 6.85 |
| 211 days to less than 1 year | 6.9 | 6.9 |
| 1 year to less than 2 year | 7.15 | 7.2 |
| 2 years to less than 3 years | 7.15 | 7.25 |
| 3 years to less than 5 years | 7.2 | 7.3 |
| 5 years and up to 10 years | 7.25 | 7.35 |
| Tenors | Existing w.e.f. 28.03.2018 | Revised w.e.f 30.07.2018 |
| 7 days to 45 days | 5.75 | 5.75 |
| 46 days to 179 days | 6.7 | 6.25 |
| 180 days to 210 days | 6.7 | 6.35 |
| 211 days to less than 1 year | 6.75 | 6.4 |
| 1 year to less than 2 years | 7 | 6.7 |
| 2 years to less than 3 years | 6.75 | 6.75 |
| 3 years to less than 5 years | 6.65 | 6.8 |
| 5 years and upto 10 years | 6.25 | 6.85 |
| Tenors | Existing for Senior Citizen w.e.f 28.03.2018 | Revised for Senior Citizen w.e.f. 30.07.2018 |
| 7 days to 45 days | 6.25 | 6.25 |
| 46 days to 179 days | 7.2 | 6.75 |
| 180 days to 210 days | 7.2 | 6.85 |
| 211 days to less than 1 year | 7.25 | 6.9 |
| 1 year to less than 2 years | 7.5 | 7.2 |
| 2 years to less than 3 years | 7.25 | 7.25 |
| 3 years to less than 5 years | 7.15 | 7.3 |
| 5 years and upto 10 years | 6.75 | 7.35 |
| Tenors | Existing w.e.f. 28.03.2018 | Revised w.e.f 30.07.2018 |
| 7 days to 45 days | 5.75 | 5.75 |
| 46 days to 179 days | 6.7 | 6.25 |
| 180 days to 210 days | 6.7 | 6.35 |
| 211 days to less than 1 year | 6.75 | 6.4 |
| 1 Year to less than 2 year | 7 | 6.7 |
| 2 years to less than 3 years | 6.75 | 6.75 |
| 3 years to less than 5 years | 6.65 | 6.8 |
| 5 years and up to 10 years | 6.25 | 6.85 |
| Tenors | Existing for Senior Citizen w.e.f 28.03.2018 | Revised for Senior Citizen w.e.f. 30.07.2018 |
| 7 days to 45 days | 6.25 | 6.25 |
| 46 days to 179 days | 7.2 | 6.75 |
| 180 days to 210 days | 7.2 | 6.85 |
| 211 days to less than 1 year | 7.25 | 6.9 |
| 1 Year to less than 2 year | 7.5 | 7.2 |
| 2 years to less than 3 years | 7.25 | 7.25 |
| 3 years to less than 5 years | 7.15 | 7.3 |
| 5 years and up to 10 years | 6.75 | 7.35 |
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