SBI Increases Interest Rate on Fixed Deposits by Upto 0.10 Percentage Points

SBI Increases Interest Rate on Fixed Dep...

The largest bank of the country, State Bank of India (SBI), has increased the interest rate on fixed deposit across various maturities. On fixed deposits below Rs 1 crore, interest rates have been increases upto 10 basis points,  One basis point is equal to 0.01 per cent.

For fixed deposits with a maturity of one year to less than two years the FD rate has been raised to 6.7 per cent from the earlier rate 6.65 per cent. The interest rate for senior citizens has also been, accordingly, increased to 7.2 per cent from the previous rate of 7.15 per cent.

For the tenure of more than two years and less than three years, the interest rate is 6.75 per cent, 0.10 per cent higher than the previous rate of 6.65 per cent. The rate for senior citizens has been increased to 7.25 per cent from 7.15 per cent earlier.

The increase in fixed deposit has come when Reserve Bank of India’s Monetary Policy Committee (MPC) meet has started today and all eyes are on the committee for policy rates.

There are, however, mixed views on what decision the banking regulator will take, as many experts say that RBI is likely to maintain status quo on the key interest rate on Wednesday notwithstanding elevated oil prices and government’s announcement to steeply hike minimum support price for Kharif crops. Others, however, expect policy rates may rise considering an increase in Minimum Support Price (MSP) may push inflation rates further up.

Latest SBI Interest Rates (all figures in % per annum) on Fixed  Deposits Below Rupees One Crore (w.e.f. 30.07.2018)

Tenors Existing for Public w.e.f. 28.05.2018 Revised For Public w.e.f. 30.07.2018 Existing for Senior Citizens w.e.f. 28.05.2018 Revised for Senior Citizens w.e.f. 30.07.2018
7 days to 45 days
5.75
5.75
6.25
6.25
46 days to 179 days
6.25
6.25
6.75
6.75
180 days to 210 days
6.35
6.35
6.85
6.85
211 days to less than 1 year
6.40
6.40
6.90
6.90
1 year to less than 2 year
6.65
6.70
7.15
7.20
2 years to less than 3 years
6.65
6.75
7.15
7.25
3 years to less than 5 years
6.70
6.80
7.20
7.30
5 years and up to 10 years
6.75
6.85
7.25
7.35

 


PostedOn: 30 Jul 2018 Total Views: 137




'C/o Kancherapalam' wouldn't have worked...

'C/o Kancherapalam' wouldn't have worked with star...

Director Venkatesh Maha speaks to TNM about the Telugu film that's taking audiences across states by storm.86 debut actors. A sleepy village. And four love stories. The heart-warming tale of C/O Kancherapalam is director Venkatesh Maha’s first in creating a one of its kind Indie movie for the ...

12 Sep 2018

Vodafone-Idea merger completed, creates ...

Vodafone-Idea merger completed, creates India’s bi...

Creating the largest telecom company in India, Idea Cellular and Vodafone have merged their operations and have officially become operational as a single entity under the name ‘Vodafone Idea Limited’. After National Company Law Tribunal (NCLT) cleared the mergeron Friday, Vodafone Idea t...

31 Aug 2018

Alibaba eyes omni-channel retail in Indi...

Alibaba eyes omni-channel retail in India, in talk...

Walmart’s acquisition of Flipkart has spurred Chinese giant Alibaba into some increased activity of its own in expanding its business interests in India. It had done one round of exploration earlier and islearntto have re-entered the talks and discussions on creating an omni-channel retailing ...

20 Aug 2018

Samsung tops India premium smartphone ma...

Samsung tops India premium smartphone market in 20...

South Korean giant Samsung dominated the premium smartphone segment in India in the first half of 2018 grabbing almost half the market share, a new report said on Friday. According to CyberMedia Research (CMR) India's "Mobile Handset Review", Samsung with 48 per cent topped the premium market (Rs 30...

17 Aug 2018

Paytm acquires savings management Startu...

Paytm acquires savings management Startup ‘Balance...

In what can be described as shoring up its financial services business, One97 Communications Ltd., the parent company that owns digital payments major Paytm, has absorbed into its fold, a fintech startup, Balance.Tech. Balance has been operating an app that helps people with managing their savings. ...

10 Aug 2018

Jet Airways Warns Staff That Airline May...

Jet Airways Warns Staff That Airline May be Ground...

Battling financial woes, Jet Airways Ltd has warned its pilots that the airline may be grounded in 60 days unless cost-cutting measures including 25 per cent pay cuts are carried out, Reuters reported. It must be noted that the proposal for pay cuts have been rejected by pilots. The pilots have been...

03 Aug 2018

Reserve Bank of India Increases Key Inte...

Reserve Bank of India Increases Key Interest Rates...

The Reserve Bank of India today hiked repo rate by 25 basis points to 6.50 per cent for thesecond time in a row,as it announced the monetary policy on Wednesday. Consequently, thereverse repo rate has been adjustedto 6.25 per cent. The central regulator, however, kept its stance unchanged to neutral...

01 Aug 2018

RBI Policy Rates to be Announced Today

RBI Policy Rates to be Announced Today

The Reserve Bank of India (RBI) will announce key policy rates todayafter the conclusion of the two-day meeting of Monetary Policy Committee (MPC). There are mixed expectations as few analysts suggest the regulator may probably increase the repo rate by 25 basis points to a two-year high of 6.5 perc...

01 Aug 2018