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SBI has raised its deposits rates, on deposits over two years for retail customers and also in 1-2 years category for deposits over Rs.1 crore.
It has hiked the rates by 10-25 basis points (bps). SBI’s new rates for deposits less than Rs.1 crore in the 2 years to less than 3 years were increased to 6.60% from 6.50%, deposits from 3 years to less than 5 years will get 6.70% from earlier 6.50% and deposits kept for 5 years to up to 10 years will get 6.75% (up from 6.50 %).
The interest rate payable to SBI staff and SBI pensioners will be 1% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens.
Further, the rates for deposits kept for less than 1 year remains the same ranging from 5.75% to 6.40%. For bulk deposits from Rs.1 crore and above, the rates for 1 year to less than 2 years were revised to 7% from 6.75%.
