The State Bank of India (SBI) revises interest rates, raising them from as low as 15 basis points to 75 basis points, depending on the time period and amount of deposits. A few of the interest rates have even been kept constant such as the interest rate for deposit made for the time period ranging between 46 days and 179 days (for an amount less than Rs. one crore) keeping the rate unchanged at 6.25%.
Essentially, the term deposits (fixed deposits or FDs) of State Bank of India (SBI) can be divided into three broad categories: A) The deposit that are for less than Rs. one crore. B) The deposits that are over Rs. one crore but less than Rs. 10 crore. C) The deposits made for over Rs. 10 crore.
Category I: Deposit for lower than Rs. one crore
In the first category, the interest rate for the deposits made for one year has been hiked from 6.25% to 6.40%. The interest rate for the deposits made for ultra-short duration that is between seven days and 45 days, has been raised from 5.25% to 5.75%. At the same time, the deposits made for the long-term duration that is for over two years has been raised from 6% to 6.5%.
And their is also category two and three.