SBI Hikes FD Rate On Bulk Deposit: Check The New Revised Rates

Amid interest rate by major banks across Indian on deposit products, SBI has also announced rate hike on its Bulk FD deposits. The hike has been effected for Fds of 2 crore and above and by 50 bps to 5.25%. So, the new or renewed bulk deposits with the bank henceforth shall offer 5.25% rate for Fds of 1 year to less than 2 year tenure.

For other deposits, the bank has continued with the previous interest rate. Notably for shorter tenure of less than 1 year, the interest rate is in the range of 3.5-4.5%, while rates for deposits with tenures between 2 and 10 years are in the range of 4.25% to 4.50%.

For regular term deposits also the bank recently raised FD rates by 15-20 basis points. 1 basis point is 1 -hundredth of a percentage point. Amid interest rate hikes on a continuous basis, there is expected a good traction in deposit mobilisation by banks across the country.