SBI increases interest rates on fixed deposit deposits

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SBI increases interest rates on fixed deposit deposits

Mumbai, January 15 ANI State Bank of India, the country's largest lender, increased interest rates on fixed deposit FD by upto 10 basis points or 0.10 per cent.

The interest rate on fixed deposits for a period of 1 year to less than 2 years has been increased to 5.1 per cent from 5.0 per cent. The rate for senior citizens is going up from 5.50 per cent to 5.60 per cent, as per data available on the SBI website. The interest rate is applicable on FDs below 2 crore.

Interest rates on FD of other tenure are the same. SBI offers the highest interest rate of 5.40 per cent on FD for tenure from 5 -- 10 years. The interest rate on FD of tenure for senior citizens from 5 years and up to 10 years is 6.20 per cent.