1. SBI has hiked the fixed deposit rates by up to 75 basis points and the same is effective from June 30.
2. Rate of Interests:
(a) More than 181 days but less than a year= Rate of Interest 8% i.e.an increase of 0.5%
(b) 1 year to less than 2 year and 2 years to less than 3 years will fetch an interest rate of 9.5% i.e. an increase of 0.75%. Sr Citizens for these durations fixed deposits will get 10% now.
(c) The deposits rate for 3 years to less than 5 years will be 9% against 8.85% i.e. a meagre increase of 0.15%.
(d) Interest rates for short-term deposits with durations up to 180 days have not been altered.
3. However remember real rate ofinterest is still fetching negative returns considering the inflation touching 11.42 per cent.
4. In an effort to rein inflation Reserve Bank of India has increased its short-term lending rate and the mandatory level of deposit that banks will park with RBI by 50 basis points.
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SBI hikes rate of interest on fixed deposits
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