Good news! SBI fixed deposit interest rates hiked by up to 25 bps

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Good news! SBI fixed deposit interest rates hiked by up to 25 bps

Good news for the SBI customers, particularly those looking to invest in bank fixed deposits (FDs) for a short to medium term. The State Bank of India, the nation’s largest bank, has again hiked the interest rates on retail term deposits below Rs 1 crore with effect from May 28, 2018, by up to 25 bps. However, the interest rates have been revised only on the FDs of a few select terms. For example, term deposits of 1 year to less than 2 years will now fetch 6.65 percent interest as against 6.40 percent earlier, while term deposits of 2 years to less than 3 years will earn 6.65 percent interest as against 6.60 percent earlier. Similarly, for senior citizens, while term deposits of 1 year to less than 2 years will earn 7.15 percent interest as against 6.90 percent earlier, term deposits of 2 years to less than 3 years will fetch 7.15 percent interest as against 7.10 percent before.

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