Mumbai: The largest public sector bank in the country, State Bank of India (SBI) hiked interest rates on fixed deposits of less than Rs 2 crore. SBI has hiked fixed deposit interest rates by up to 20 bps.
The nationalized bank will offer an interest rate ranging from 3 % to 5.85% for the general public and 3.50% and 6.65% for senior citizens on deposits maturing in 7 days to 10 years. Deposits maturing in 7 days to 45 days, the bank hiked the interest rate from 2.90% to 3.00% a hike of 10 bps and on deposits maturing in 46 days to 179 days, SBI has hiked the interest rate by 10 bps from 3.90% to 4.00%.
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Deposits maturing in 180 days to 210 days will now get an interest rate of 4.65% and deposits maturing in 211 days to less than 1 year will now fetch an interest rate of 4.70%. The SBI said it has hiked interest rate by 15 bps from 5.45% to on Deposits maturing in 1 year to less than 2 years will get 5.60% and deposits maturing in 2 years to less than 3 years will get an interest of 5.65% .
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