SBI hikes FD rates of both term, bulk deposits

 

New Delhi, Feb 28: The State Bank of India, India’s largest bank, has announced revision in interest rates on ‘retail domestic term deposits’ (below Rs 1 crore) w.e.f. February 28, 2018, ie. today. The bank has also revised interest rates on ‘domestic bulk term deposits’ of Rs 1 crore to Rs 10 crore as well as above Rs 10 crore with effect from February 28.
For instance, 1-year retail domestic term deposits of below Rs 1 crore will now earn 6.40% interest as against 6.25% earlier, while 6.50% interest will be given on deposits for 2 to 10 years as against 6% earlier. Similarly, deposits of 7 days to 45 days will earn 5.75% as against 5.25% earlier, while deposits of above 1 year to less than 2 years will earn 6.40% interest as against 6.25% before.
For deposits of 2 years to 10 years, senior citizens will now get 7% as against 6.50% earlier, while for 1-year deposit they will get 6.9% as against 6.75% before.
In the case of domestic bulk term deposits of Rs 1 crore to Rs 10 crore, 6.75% interest will be given on deposits for 1 year to 455 days as against 6.25% earlier, while deposits of 5 years and up to 10 years will now earn 6.25% as against 6% earlier.
Senior citizens here will earn 7.25% on deposits of 1 year to 455 days as against 6.75% earlier, while deposits of 5 years an up to 10 years will fetch them 6.75% compared to 6.50% earlier. In case of bulk deposits for 3 years to less than 5 years, they will now earn 7.15% interest as against 6.50% earlier. Similarly, deposits for 7 days to 45 days will fetch them 6.25% compared to 5.75% earlier.