SBI hikes interest rates by up to 25 bps on FDs below ₹2 cr

India's largest public sector lender, State Bank of India (SBI) has hiked interest rates by 5 bps to 25 bps on fixed deposits below ₹2 crore with effect from February 15.

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Also, the bank introduced a specific tenure scheme of 400 days where it is offering a 7.10% rate.

Senior citizens are the biggest beneficiary as they earn an additional premium on the normal rates.

SBI has hiked FD rates by 25 bps on 2 years to less than 3 years tenure to 7% from the previous 6.75%.

Another 25 bps hike each was given on tenures from 3 years to 10 years taking the rate to 6.50% from the earlier 6.25%.

The lowest hike of 5 bps was given on 1 year to less than 2-year tenure to 6.80% from the previous 6.75%.

Interest rates on FDs with less than 1-year tenures remain unchanged. SBI continues to offer 5.75% on 211 days to less than 1 year; 5.25% on 180 days to 210 days; 4.50% on 46 days to 179 days; and a 3% rate on 7 days to 45 days.

Further, SBI hiked rates by another 25 bps to 7% on 3 years to less than 5 years tenure from the previous 6.75%. The 5 bps hike is given on 1 year to less than 2 years to 7.30% from the earlier 7.25%.

Rates are unchanged below 1-year tenure. An elderly will continue to earn 6.25% on 211 days to less than 1 year; 5.75% on 180 days to 210 days; 5% on 46 days to 179 days; and 3.50% on 7 days to 45 days tenures.