The State Bank of India (SBI) on Wednesday came up with a new decision for its customers which has been praised- an increased in fixed deposit rates by up to 10 basis points or 0.10 per cent to 6.80 per cent on select maturities.
As per the website of SBI, for deposits below Rs 10 million, the new rates (ranging from 5 to 10 bps) are effective immediately. Note: One basis point is one hundredth of a per cent.
For fixed deposits maturing in one to less than two years, SBI has revised its rate to 6.80 per cent from 6.70 percent earlier. For senior citizens, the new rate for the same maturity has been increased to 7.30 from 7.20 per cent, PTI reported.
Meanwhile, the rate has been increased to 6.80 per cent from 6.75 per cent for deposits maturing in two to less than three years.
Besides, senior citizens will get a rate of 7.30 per cent as compared to 7.25 per cent on deposits with tenor of two to less than three years.
However, the largest public sector bank has not made any changes in deposits for other maturities.