State Bank of India (SBI) increased fixed deposits (FD) rates by 5-10 basis points (bps) for various tenors. The new rates will be applicable from November 28, 2018 and for FDs below Rs1 crore.
FDs with a tenor of one year but less than two years will fetch 6.8% up from 6.7% which is a hike of 10 bps. Similarly, the interest rate on 2-3 year FDs has been increased by 5 bps to 6.80% from 6.75%. In all cases, senior citizens will earn 50 bps higher.
SBI last hiked FD rates in July 2018, where it increased interest rates by 5-10 bps for various tenors.