SBI hikes FD rates of both term and bulk deposits
The State Bank of India, India’s largest bank, has announced revision in interest rates on ‘retail domestic term deposits’ (below Rs 1 crore) w.e.f. February 28, 2018, ie. today. The bank has also revised interest rates on ‘domestic bulk term deposits’ of Rs 1 crore to Rs 10 crore as well as above Rs 10 crore with effect from February 28. For instance, 1-year retail domestic term deposits of below Rs 1 crore will now earn 6.40% interest as against 6.25% earlier, while 6.5% interest will be given on deposits for 2 to 10 years as against 6% earlier.