Good news! SBI hikes FD rates of both term and bulk deposits

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.

State Bank of India