SBI hikes FD rates by 5-10 bps

Just a week before the central bank's monetary policy review, the State Bank of India (SBI) increased fixed deposits (FD) rates by 5-10 basis points (bps) for various tenors. The new rates will be applicable from November 28, 2018 and for FDs below Rs 1 crore.

Post this hike, FDs with a tenor of one year but less than two years will fetch 6.8 per cent up from 6.7 per cent - a hike of 10 bps. Similarly, the interest rate on 2-3 year FDs has been increased by 5 bps to 6.80 per cent from 6.75 per cent. In all cases, senior citizens will earn 50 bps higher.

SBI last hiked FD rates in July where it increased interest rates by 5-10 bps for various tenors.


SBI FD rates for general public

Tenors	Existing w.e.f. 30.07.2018	Revised w.e.f. 28.11.2018
7 days to 45 days	5.75	5.75
46 days to 179 days	6.25	6.25
180 days to 210 days	6.35	6.35
211 days to less than 1 year	6.40	6.40
1 year to less than 2 year	6.70	6.80
2 years to less than 3 years	6.75	6.80
3 years to less than 5 years	6.80	6.80
5 years and up to 10 years	6.85	6.85

Source: SBI website

SBI FD rates for senior citizens

Tenors	Existing w.e.f. 30.07.2018	Revised w.e.f. 28.11.2018
7 days to 45 days	6.25	6.25
46 days to 179 days	6.75	6.75
180 days to 210 days	6.85	6.85
211 days to less than 1 year	6.90	6.90
1 year to less than 2 year	7.20	7.30
2 years to less than 3 years	7.25	7.30
3 years to less than 5 years	7.30	7.30
5 years and up to 10 years	7.35	7.35

Source: SBI website

Banks, both public and private sector ones, have been increasing interest rates on FDs through the year. The likes of HDFC Bank, Axis Bank, Punjab National Bank, Bank of Baroda, IndusInd Bank and so on all have increased FD rates during the year.