MC
Public sector lender State Bank of India (SBI) has hiked the deposit rates by up to 50 bps with effect from December 27. According to data updated on the SBI website, interest rates on fixed deposits (FDs) applicable on FDs below Rs 2 crore. SBI has increased rates by 50 basis points (bps) on deposits maturing in seven to 45 days.
The bank increased rates by 25 basis points, so these deposits will now yield an interest rate of 3.50 percent for 46 to 179 days, with a guarantee of 4.75 percent. SBI has raised rates by 50 basis points on term deposits with a tenor of 180 to 210 days. The interest rate on these FDs will be 5.75 percent. On 211 days, the bank increased rates by 25 basis points to tenors shorter than one year (6 percent). FDs due in three years or less than five years will now yield an additional 25 basis points or 6.75 percent.
