The State Bank of India (SBI) has announced a hike in fixed deposit (FD) interest rates bring good news for fixed deposit investors.
SBI has increased the interest rate on fixed deposits for tenure 1 year to less than 2 years 5.1 per cent from 5.0 per cent. For senior citizens, the rate for deposits, for tenure 1 year to less than 2 years, is increased from 5.50 per cent to 5.60 per cent, as per data available with the SBI website.
SBI offers one of the highest interest rates of 5.40 per cent on FD for tenure from 5-10 years. For senior citizens, the interest rate on FD of tenure from 5 years and up to 10 years comes at 6.20 per cent.