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SBI raises interest rates on fixed deposits

MUMBAI: State Bank of India on Monday raised the interest rates on fixed deposits. The rates, which will come into effect from June 1, will be raised by half a percentage point to 9 per cent for deposits of duration 5-10 years. It is already paying 9 per cent on deposits of senior citizens (60 years and above), who will now get 9.50 per cent on 5-10 year deposits. While for deposits falling in the category of 3-5 year duration, the rate hike would be 0.35 percentage point at 8.85 per cent, a statement from the bank said.

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