Days after the Reserve Bank hiked short-term lending (repo) rate by 0.25 percentage point, State Bank of India (SBI), on Thursday, raised the fixed deposit rate by 0.2 percentage point on select maturity.
With the revision, term deposit between 180 and 210 days less than Rs.1 crore would now earn 7 per cent against existing 6.80 per cent, the bank said in a statement. The new rate would be effective from Friday, it added.
However, there is no change in the interest rates for other maturities in the less than Rs.1 crore bracket. For high valued fixed deposit above Rs.1 crore, the interest rates have been reduced between 0.25 percentage point to 2 percentage points.