State Bank of India (SBI) has increased deposit rates by up to 50 basis points (bps) starting December 27. The hike applies to fixed deposits below Rs 2 crore. Notably, rates on deposits maturing in seven to 45 days have surged by 50 bps.
For tenors of 46 to 179 days, SBI raised rates by 25 bps, offering a guaranteed 4.75 percent interest. Rates on deposits with a tenor of 180 to 210 days increased by 50 bps, providing a 5.75 percent interest.
SBI also raised rates on shorter tenors up to one year and deposits maturing in three to less than five years. Senior citizens enjoy additional benefits. SBI's move aligns with recent rate increases by other banks, marking a trend in the industry.