SBI hikes interest rates by up to 25 bps on FDs below ₹2 cr
Senior citizens are the biggest beneficiary as they earn an additional premium on the normal rates
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.
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.
