Today State Bank Of India (SBI) increase fix deposit rate approximately 150 basic points across various maturities. Revised rate will be effective from today 7th December and that be very helpful to all the people for better return.
The SBI would provide a maximum interest rate of 8.75 per cent for deposits having maturity period of 8-10 years. This marks a 100 basis points increase. For term deposits with maturity of 46-90 days, SBI would offer an increase of 150 basis points. With this, banks provides 5.5 per cent rate of interest hike from the earlier 4 per cent.
Meanwhile, the term deposits with 91-180 days maturity, will have 6 per cent rates of interest from the previous 5.5 per cent. The fixed deposit with 181 days to less than 1 year maturity can have the fresh interest rate at 7.25 per cent from the earlier 6 per cent, marking a rise of 125 basis points.
The move by SBI comes after other banks including ICICI Bank, Syndicate Bank, Bank of India and Punjab National Bank hiked the interest rate after the suggestion from RBI Governor D Subbarao to offer better returns on deposits.
