SBI raises short-term retail fixed deposit rates by up to 75 bps
New Delhi, May 16, 2024.
The country’s largest lender, State of India (SBI), has increased interest rates on short-term retail fixed deposits (FDs) by 25 to 75 basis points (bps) – a move which is likely to be followed by other banks.
This is the first increase in the fixed deposit rates by the bank since December 2023.
A fixed deposit is an investment instrument where an amount is deposited with banks for a set period and at a fixed rate of interest. Rates on FDs are important for people, especially senior citizens, who are looking for safe investment options.
For retail domestic term deposits (below Rs 2 crore) maturing between 46 to 179 days, the bank has revised upwards the interest rate by 75 bps to 5.5 per cent from 4.75 per cent. Senior citizens will now get an interest ...
