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SBI hikes interest rate on FDs; here's what you can get now

28 November, 2018 10:51 AM
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SBI hikes interest rate on FDs; here's what you can get now

Ahead of the Reserve Bank of India's monetary policy review on December 5, State Bank of India (SBI) has hiked interest rates on fixed deposits (FD) by 5-10 basis points for select tenors.

The revised rates will be applicable from November 28 for FDs of less than Rs 1 crore.

According to a notification on the banks' website, FDs with maturity periods of 1-2 years will fetch an interest of 6.8 percent, up from 6.7 percent earlier.

Similarly, interest on FDs with tenors of 2-3 years has been increased to 6.8 percent from 6.75 percent earlier.

Interest rates offered to senior citizens on FDs with the same tenors have also been increased by a corresponding amount.

In the recent months, both public and private banks have increased the interest rates they offer on FDs.

Source: moneycontrol.com

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