Mumbai: The largest public sector bank in the country, State Bank of India (SBI) hiked Fixed Deposit (FD) interest rates. The lender has hiked its FD interest rates by up to 65 bps on deposits of various tenures below Rs 2 crore. The bank has raised the interest rate by 25 bps to 5.75% on deposits maturing in 211 days to less than a year. The rate has been hiked by 65 bps to 6.75% for term deposits with a tenure of one year to less than two years.
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Term deposits maturing in 7 to 45 days will give 3% interest. SBI is offering 4.5% return on FDs maturing in 46-179 days. Deposits with tenure of 180 days to less than 210 days will earn 5.25% interest. The bank is offering 6.25% return on FDs maturing between 3 years to less than 5 years. SBI has raised the interest rate to 6.25% on deposits with a tenure of 5 years to up to 10 years.
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