If you are a risk-averse investor and are looking to park your funds in the fixed deposits of any bank offering good returns, then here is good news for you. The State Bank of India, India’s largest bank, has revised the interest rates of both its retail and bulk term deposits with effect from 30th July, 2018, ie. today. The rates have been revised across various tenures for both general public and senior citizens. Earlier, the bank had on May 28 this year increased the interest rates of its retail term deposits below Rs 1 crore by up to 25 bps. The rates, however, had been revised only for the term deposits of select terms.
With the latest revision in rates, retail domestic term deposits (below Rs 1 crore) of one year to less than two years will now provide 6.70% interest as against 6.65% earlier, while retail term deposits of two years to less than three years will earn 6.75% interest as against 6.65% before. Similarly, while retail term deposits of three years to less than five years will now earn 6.80% interest as against 6.70% earlier, the fixed deposits of five years and up to ten years will fetch 6.85% interest as against 6.75% earlier.
For senior citizens, while term deposits of one year to less than two years will fetch 7.20% interest as against 7.15% earlier, term deposits of five years and up to ten years will earn 7.35% interest as against 7.25% before, while the FDs of three years to less than five years will earn 7.30% interest as against 7.20% earlier.
Revision in Interest Rates On Retail Domestic Term Deposits (Below Rs 1 Crore) w.e.f. 30.07.2018:
Revision in Interest Rates on Domestic Bulk Term Deposits (Rs 1 Crore to Rs 10 Crore) w.e.f. 30.07.2018: