Good news! SBI hikes deposit rates

State Bank of India (SBI) hiked its retail deposit rates by 10-50 basis points (bps) across various maturity baskets.

In an announcement on its website, India’s largest bank said that 7 – 45-day deposits will earn an annual interest rate of 5.75 percent, up from 5.25 percent earlier.

On 1-year deposits, customers will now earn 6.40 percent, as against 6.25 percent earlier, while those desposits maturing between two years and 10 years will earn 6.50 percent, compared with 6 percent earlier.

Senior citizens will, accordingly, earn 7 percent on their deposits, up from 6.50 percent earlier.

The new rates are effective February 28, 2018.

“The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits,” SBI said in its notification.

SBI has also raised its interest on bulk or wholesale deposits above Rs 1 crore.


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