The State Bank of India (SBI) has increased its fixed deposit interest rates for certain tenors with effect from today. The interest rate hike comes into effect a week ahead of the bi-monthly meeting of RBI's monetary policy committee scheduled for December 5. The interest rates have been hiked in the range of 5-10 basis points, or 0.05 to 0.10 per cent for fixed deposits below Rs 1 crore.
The changes in SBI interest rates would come into effect from November 28, 2018. Below are the new interest rates with corresponding tenors for general depositors:
Senior citizens above the age of 60 years, on the other hand, have been given an increase of 50 basis points over what will be paid to the regular fixed deposit holders.
The increase in fixed deposit interest rates by SBI comes close on the heels of ICICI Bank and HDFC Bank revising their rates earlier this month.