State Bank of India, the largest public sector bank has revised its fixed deposit (FD) interest rates with effect from today. FD interest rates have been revised across various maturities, amounts and for both senior citizens and general account holders, stated SBI’s corporate website, sbi.co.in. On fixed deposits below Rs. 1 crore, interest rates have been raised between 5 basis points-10 basis points, which means between 0.05 per cent-0.1 percent across tenures of 1 year up to 10 years. One basis point is equal to 0.01 percent.
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Latest SBI FD interest rates for the general public:
SBI FD interest rates are applicable on retail fixed deposits (below Rs. 1 crore) with effect from 30.07.2018:
(All figures in % per annum)
Tenors Existing for Public w.e.f. 28.05.2018 Revised For Public w.e.f. 30.07.2018
Latest SBI FD interest rates for senior citizens:
The following SBI FD interest rates for senior citizens are applicable on retail fixed deposits (below Rs. 1 crore) with effect from 30.07.2018:
The interest rate payable to SBI staff and SBI pensioners is 1 percent above the applicable rate, SBI said. The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.
Latest SBI FD interest rates for the general public on fixed deposits between Rs. 1 crore to Rs. 10 crore
(All figures in % per annum)
Tenors Existing w.e.f. 28.03.2018 Revised w.e.f 30.07.2018
Latest SBI FD interest rates for senior citizens on fixed deposits between Rs. 1 crore to Rs. 10 crores.
(All figures in % per annum)
Tenors Existing for Senior Citizen w.e.f 28.03.2018 Revised for Senior Citizen w.e.f. 30.07.2018
Latest SBI FD interest rates for the general public on fixed deposits above Rs. 10 crore
(All figures in % per annum)
Tenors Existing w.e.f. 28.03.2018 Revised w.e.f 30.07.2018
Latest SBI FD interest rates for senior citizens on fixed deposits above Rs. 10 crore
(All figures in % per annum)
Tenors Existing for Senior Citizen w.e.f 28.03.2018 Revised for Senior Citizen w.e.f. 30.07.2018
Recurring deposit or RD interest rates of SBI are the same as that on FDs. Thus, fresh recurring deposit interest rates of SBI kick in from today.
SBI last revised its fixed deposit interest rates on May 28.
Other banks may soon follow suit.
The revision in fixed deposit interest rates by SBI comes ahead of Reserve Bank of India ‘s third bi-monthly policy review, scheduled to be released on August 1. According to the latest Reuters poll, thirty-seven of 63 economists said that the RBI will raise key interest rates again in August and 22 respondents said the next rate hike would come by end-2018 or in the January-March quarter next year.