SBI hikes fixed deposit rates by 5-10 bps

Just a week before the central bank's monetary policy review, the State Bank of India (SBI) increased fixed deposits (FD) rates by 5-10 basis points (bps) for various tenors. The new rates will be applicable from November 28, 2018 and for FDs below Rs 1 crore. Post this hike, FDs with a tenor of one year but less than two years will fetch 6.8 per cent up from 6.7 per cent - a hike of 10 bps. Similarly, the interest rate on 2-3 year FDs has been increased by 5 bps to 6.80 per cent from 6.75 per cent. In all cases, senior citizens will earn 50 bps higher. SBI last hiked FD rates in July where it increased interest rates by 5-10 bps for various tenors.SBI FD rates Tenors Existing for Public w.e.f. 30.07.2018 Revised For Public w.e.f. 28.11.2018 Existing for Senior Citizens w.e.f. 30.07.2018 Revised for Senior Citizens w.e.f. 28.11.2018 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 6.40 6.40 6.90 6.90 1 year to less than 2 year 6.70 6.80 7.20 7.30 2 years to less than 3 years 6.75 6.80 7.25 7.30 3 years to less than 5 years 6.80 6.80 7.30 7.30 5 years and up to 10 years 6.85 6.85 7.35 7.35 Source: SBI websiteBanks, both public and private sector ones, have been increasing interest rates on FDs through the year. The likes of HDFC Bank, Axis Bank, Punjab National Bank, Bank of Baroda, IndusInd Bank and so on have all increased interest rates on FDs during the year.

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