India’s Largest Bank Hikes FD Rates, Other Banks To Follow Suit

State Bank of India (SBI) has increased its fixed deposit (FD) rates across most tenors. The new rates are effective from December 27, and are applicable to term deposits below ₹2 crore. Except for 1 year to less than 2 years tenor, which has been retained at 6.80 per cent, 2 years to less than 3 years tenor, which has been retained at 7 per cent, and 5-10 years which has been retained at 6.50 per cent, other tenors have all witnessed the hike. Rates for senior citizens have also been revised, except for the 1 year to less than 2 years, 2 years to less than 3 years and 5-10 years tenors which have been retained at 7.30 per cent, 7.50 per cent and 7.50 per cent respectively.