SBI increases fixed deposit rates by up to 6.80 percent

The country's largest lender State Bank of India Wednesday increased the fixed deposit rates by up to 10 basis points or 0.10 per cent to 6.80 per cent on select maturities.

The new rates ranging from 5 to 10 bps are applicable for deposits below Rs 1 crore and are effective immediately, the bank said on its website. One basis point is one-hundredth of a per cent. This follows an increase in deposit rates by HDFC Bank by up to 0.5 per cent and ICICI Bank by up to 0.25 per cent on select maturities earlier this month.

For fixed deposits maturing in one to less than two years, SBI has revised its rate to 6.80 per cent from 6.70 per cent earlier. For senior citizens, the new rate for the same maturity has been increased to 7.30 from 7.20 per cent.

For deposits maturing in two to less than three years, the rate has been increased to 6.80 per cent from 6.75 per cent. Senior citizens will get a rate of 7.30 per cent as against 7.25 per cent on deposits with the tenor of two to less than three years. The lender has kept deposits rates unchanged for other maturities. It is offering a deposit rate of 6.80 per cent for tenure three years to less than five years.

(With inputs from agencies.)