SBI has increased its retail deposit rates by 10-15 basis points (bps), across various maturity baskets.
SBI on its website announced that, effective Wednesday, 7-45 day deposit will earn an annual interest rate of 5.75%, which is more than earlier 5.25%.
On 1-year deposits, customers will now earn 6.40%, as against 6.25% earlier, while those deposits maturing between 2 years and 10 years will earn 6.50%, against 6% earlier. Senior citizens will, earn 7% on their deposits, up from 6.50% earlier.
Furthermore, the bank in its notification stated, “The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.”
