Interest On FD Hiked, Good News For SBI Account Holders


Mumbai: The State Bank on India increased deposit rates by up to 0.25%. The new rates come into effect from March 31, 2018. The increase in rates differ, depending on the time period of your investment.

The maximum hike in interest rate (0.25%) is on retail domestic term deposits below Rs 1 crore. However, for this you will have to invest for 3 years or more. In case of fixed deposits for more than three years bu less than 5 years the rate has been increased from 6.50% to 6.70% and from 6.50% to 6.75 % for more than than 5 years.

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In case you decide to park your funds for more than 2 years in FDs, then SBI will give you 6.60% interest instead of 6.50% at present. No changes have been made in interest rates for deposits under 2 years.

Interest rate for senior citizens (for deposits over 2 years): 7.10% ( 7% earlier).
Interest rate for senior citizens (for deposits over 3 years): 7.20% ( 7% earlier).
Interest rate for senior citizens (for deposits over 5 years, less than 10 years): 7.25% ( 7% earlier).

(All figures in %)

SBI empolyees will get 1% extra interest rate. Senior Citizens and SBI Pensioners of age 60 years and above will get interest of 0.50% above the rate applicable to all tenors for resident Indian senior citizens The new rates will be applicable to fresh deposits and renewals of existing deposits.