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SBI has increased interest rates on its retail fixed deposits for short to medium term by up to 25 bps. This has come into effect from May 28,2018.
The revisions has been made on few selected terms. Term deposit of less than Rs 1.crore for a period of 1 year to less than 2 years will now give an interest of 6.65%, as against 6.40% earlier. For 2 years to less than 3 years of time period, the interest has now been revised to 6.65% compared to 6.60%. The rates have been kept the same for deposits above Rs.1 crore.
Furthermore, 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 citizen.
