News > SBI hikes interest rates on fixed deposits by up to 10 basis points

SBI hikes interest rates on fixed deposits by up to 10 basis points

State Bank of India, the country's largest lender, on Saturday, increased interest rates on fixed deposit (FD) by up to 10 basis points or 0.10 percent. The interest rate on fixed deposits for tenure 1 year to less than 2 years has been increased to 5.1 percent from 5.0 percent.

For senior citizens, the rate is increased from 5.50 percent to 5.60 percent, as per data available with the SBI website. This interest rate is applicable on FDs below Rs 2 crore. The new rate is effective from January 15, 2022.