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SBI hikes FD rates ahead of RBI monetary policy

ET Online|
Last Updated: Jul 31, 2018, 11.05 AM IST
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SBI had previously hiked rates on its FDs in May.

Highlights

  • For 1 to 2-year FDs the interest rate will be 6.7 percent, for those maturing between 2 years and 3 years the rate has been hiked to 6.75 percent.
  • SBI had last increased its rates in May where it had hiked it by between 5 bps and 25 bps for select tenors below Rs 1 crore.
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Just two days before the Reserve Bank of India's (RBI) bi-monthly monetary policy review, the country's largest lender, State Bank of India (SBI) announced a hike in its fixed deposit (FD) rates. It has raised interest rates of FDs below Rs 1 crore for select tenors by 5 to 10 basis point (bps). These rates will be effective from July 30.

For 1- to 2-year FDs the interest rate will be 6.7 percent, for those maturing between 2 years and 3 years the rate has been hiked to 6.75 percent from 6.65 percent, those maturing between 3 years and 5 years will now fetch 6.8 percent (up from 6.7 percent), and 5- to 10-year FDs will earn 6.85 percent (a 10 bps hike).

Revised interest rates (All figures in %)
sbi-fd

SBI had last increased its rates in May where it had hiked it by between 5 bps and 25 bps for select tenors below Rs 1 crore. The latest hike by the PSU lender seems to be an indicator on the upward pressure on interest rates in the economy.

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