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.
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.