State Bank Of India (SBI) hiked fixed deposit (FD) interest rates across various securities with effect from March 28, 2018. The largest lender of the country hiked fixed deposit (FD) interest rates between 10 basis points and 25 basis points for fixed deposits of various tenures, according to its website, sbi.co.in. One basis point (bps) is equal to one-hundredth of a percentage point. For domestic fixed deposits amounting to below Rs one crore, a fixed deposit for a tenure longer than two years but less than 3 years will now fetch an interest rate of 6.60 per cent as compared to the earlier rate of 6.50 per cent. For senior citizens, a fixed deposit of similar tenure will fetch an interest rate of 7.10 per cent as compared to the earlier rate of 7 per cent.
Fixed deposits amounting to Rs 1 crore to Rs 10 crore, for a tenure of over 1 year but less than 2 years, will fetch an interest rate of 7 per cent as compared to the previous rate of 6.75 per cent. Senior citizens in the same bracket who used to get 7.25 per cent, will not get an interest rate of 7.5 per cent. Domestic fixed deposits above Rs 10 crore for tenure of 1 year to less than 2 years will guarantee an interest rate of 7 per cent as compared to 6.75 per cent previously. Senior citizens in the same bracket are assured of an interest rate of 7.5 per cent as compared to 7.25 per cent previously.
Here are the revised interest rates on SBI fixed deposits:
1. Revision in Interest Rates On Retail Domestic Term (fixed) Deposits (Below Rupees One Crore) with effect from 28.03.2018
(All figures in % per annum)
| Tenors | Existing for Public w.e.f. 28.02.2018 | Revised For Public w.e.f. 28.03.2018 | Existing for Senior Citizens w.e.f. 28.02.2018 | Revised for Senior Citizens w.e.f. 28.03.2018 |
| 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 | 6.4 | 6.4 | 6.9 | 6.9 |
| 1 year to less than 2 year | 6.4 | 6.4 | 6.9 | 6.9 |
| 2 years to less than 3 years | 6.5 | 6.6 | 7 | 7.1 |
| 3 years to less than 5 years | 6.5 | 6.7 | 7 | 7.2 |
| 5 years and up to 10 years | 6.5 | 6.75 | 7 | 7.25 |
| Tenors | Existing w.e.f. 28.02.2018 | Revised w.e.f 28.03.2018 | Existing for Senior Citizen w.e.f 28.02.2018 | Revised for Senior Citizen w.e.f. 28.03.2018 |
| 7 days to 45 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 46 days to 179 days | 6.7 | 6.7 | 7.2 | 7.2 |
| 180 days to 210 days | 6.7 | 6.7 | 7.2 | 7.2 |
| 211 days to less than 1 year | 6.75 | 6.75 | 7.25 | 7.25 |
| 1 year to less than 2 years | 6.75 | 7 | 7.25 | 7.5 |
| 2 years to less than 3 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 3 years to less than 5 years | 6.65 | 6.65 | 7.15 | 7.15 |
| 5 years and upto 10 years | 6.25 | 6.25 | 6.75 | 6.75 |
| Tenors | Existing w.e.f. 28.02.2018 | Revised w.e.f 28.03.2018 | Existing for Senior Citizen w.e.f 28.02.2018 | Revised for Senior Citizen w.e.f. 28.03.2018 |
| 7 days to 45 days | 5.75 | 5.75 | 6.25 | 6.25 |
| 46 days to 179 days | 6.7 | 6.7 | 7.2 | 7.2 |
| 180 days to 210 days | 6.7 | 6.7 | 7.2 | 7.2 |
| 211 days to less than 1 year | 6.75 | 6.75 | 7.25 | 7.25 |
| 1 Year to less than 2 year | 6.75 | 7 | 7.25 | 7.5 |
| 2 years to less than 3 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 3 years to less than 5 years | 6.65 | 6.65 | 7.15 | 7.15 |
| 5 years and up to 10 years | 6.25 | 6.25 | 6.75 | 6.75 |
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