The largest public sector lender in the nation, State Bank of India (SBI), has increased the interest rates on its various fixed deposit (FD) programmes for amounts under Rs 2 crore. Up to 20 basis points have been added to the interest rates.
According to the revised rate list, the bank will offer interest rates on deposits maturing in 7 days to 10 years that range from 3.00% to 5.85% for the general public and 3.50% to 6.65% for senior persons.
REVISED RATES
The bank increased the interest rate for deposit schemes with terms of 7 days to 45 days from 2.90 percent to 3.00 percent, an increase of 10 basis points. One basis point, or 0.01 percent, is equal to one hundredth of one percent.
The company increased the interest rate for deposits that mature in 46 days to 179 days by 10 basis points, from 3.90% to 4.00%. The bank will now give a 4.65 percent interest rate on deposits that mature in 180 to 210 days, up from its previous rate of 4.55 percent. The new interest rate is 4.70 percent, up from the previous rate of 4.60 percent, for plans lasting 211 days to less than a year.