(FE)
The State Bank of India, India’s largest bank, has announced revision in interest rates on ‘retail domestic term deposits’ (below Rs 1 crore) w.e.f. February 28, 2018, ie. today. The bank has also revised interest rates on ‘domestic bulk term deposits’ of Rs 1 crore to Rs 10 crore as well as above Rs 10 crore with effect from February 28.
For instance, 1-year retail domestic term deposits of below Rs 1 crore will now earn 6.40% interest as against 6.25% earlier, while 6.50% interest will be given on deposits for 2 to 10 years as against 6% earlier. Similarly, deposits of 7 days to 45 days will earn 5.75% as against 5.25% earlier, while deposits of above 1 year to less than 2 years will earn 6.40% interest as against 6.25% before.
For deposits of 2 years to 10 years, senior citizens will now get 7% as against 6.50% earlier, while for 1-year deposit they will get 6.9% as against 6.75% before.
