NEW DELHI: State Bank of India, the country’s largest bank, has increased the interest rates on saving bank deposits by 0.30 percentage points (30 bps) for the balance of Rs 10 crore and above.
The interest rates for deposits below Rs 10 crore remain unchanged at 2.70%. The revised rates are applicable from October 15, 2022, onwards. Earlier, the bank had also increased its interest rates on fixed deposits below Rs 2 crore by 10-25 basis points effective from October 15.
The bank is offering up to 5.85% interest on fixed deposits from a tenure of up to 10 years. The bank has also raised FD rates for senior citizens. Senior citizens can get up to 6.35% interest in deposits with the bank. SBI is the only bank to have increased the FD rates following the latest hike in repo rate by the RBI (RBI).