State Bank to hike fixed deposit rates from today

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Soon after reducing deposit rates, State Bank of India (SBI), has revised upwards its rates in certain segments of its domestic term deposits. The new rates come into force from Friday. While the deposit rates have been kept unchanged for a maturity period up to 90 days, the bank has increased the rates on deposits maturing between 91 and 180 days to 7%.

The rate for 181-365 days will now be 7.50%, as against the existing rate of 6.50%. The rates for maturity periods of 1 year to less than 2 years and for the period 2 years and up to 10 years have been increased to 8.75 % and 8.50 % respectively.

Requesting anonymity, a senior bank official told FE, “We have aligned our rates to bring them in sync with other banks”. It was recently that banks like IDBI, Corporation Bank, HDFC, and Indian Overseas Bank increased their interest rates on deposits from the earlier existing 6.50% to 7.25%, on deposits with a maturity period of 91-179 days.

For senior citizens, the bank has revised the two maturity periods. The revised interest for the duration 1 year to less than 2 years is 9.25%, whereas the revised rates for period more than two years and up to 10 years is 9%. The bank has withdrawn its deposit rate offering, having a duration of 550 days.