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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 |
The interest rates on deposits of below Rs 1 crore for senior citizens are as detailed below:
| 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 |
Interest rates on retail deposits of between Rs 1 crore and Rs 10 crore are as detailed below:
| 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 |
For senior citizens depositing between Rs 1 crore and Rs 10 crore, interest rates are as detailed below:
| 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 |
Interest rates on retail deposits of more than Rs 10 crore are as detailed below:
| 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 |
Interest rates on deposits of over Rs 10 crore for senior citizens are as follows:
| 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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