For 1 to 2-year FDs the interest rate will be 6.7 percent, for those maturing between 2 years and 3 years the rate has been hiked to 6.75 percent.
SBI had last increased its rates in May where it had hiked it by between 5 bps and 25 bps for select tenors below Rs 1 crore.
Just two days before the Reserve Bank of India's (RBI) bi-monthly monetary policy review, the country's largest lender, State Bank of India (SBI) announced a hike in its fixed deposit (FD) rates. It has raised interest rates of FDs below Rs 1 crore for select tenors by 5 to 10 basis point (bps). These rates will be effective from July 30.
For 1- to 2-year FDs the interest rate will be 6.7 percent, for those maturing between 2 years and 3 years the rate has been hiked to 6.75 percent from 6.65 percent, those maturing between 3 years and 5 years will now fetch 6.8 percent (up from 6.7 percent), and 5- to 10-year FDs will earn 6.85 percent (a 10 bps hike).
Revised interest rates (All figures in %)
SBI had last increased its rates in May where it had hiked it by between 5 bps and 25 bps for select tenors below Rs 1 crore. The latest hike by the PSU lender seems to be an indicator on the upward pressure on interest rates in the economy.
Bandhan Bank raises FD rates by up to 20 basis points
