Here is some good news for savers. India’s biggest lender State Bank of India (SBI) has revised its interest higher on retail fixed deposits or FDs below Rs. 1 crore. The revised rate on SBI FDs will be effective from May 28. SBI has revision interest rates by up to 25 basis points in select maturities, according to the bank’s website. The interest rate on SBI fixed deposits with a maturity of one year to less than two years has been increased to 6.65 percent for the public, from 6.4 percent earlier. Senior citizens will get an interest rate of 7.15 per cent as compared to 6.9 percent earlier.
SBI, which offers home loans as well as personal loans, fixed deposits with a maturity of two years to less than three years will fetch an interest rate of 6.65 per cent, higher than 6.6 percent earlier. Senior citizens will get 7.15 percent as compared to 7.10 percent earlier. The lender could also increase home loan rates as deposit costs go up.
The interest rates across other maturities have been kept unchanged. For example, SBI will offer an interest rate of 5.75 per cent on fixed deposits with a maturity of seven days to 45 days, 6.25 per cent on 46 days to 179 days and 6.35 percenton 180 days to 210 days. Other maturity brackets of 211 days to less than one year will fetch 6.40 per cent, three years to less than five years will offer 6.70 per cent and five years and up to 10 years will give 6.75 per cent.