SBI hikes interest rates on fixed deposits by up to 10 basis points

State Bank of India, the country's largest lender, on Saturday increased interest rates on fixed deposit (FD) by upto 10 basis points or 0.10 per cent.

Interest rate on fixed deposits for tenure 1 year to less than 2 years has been increased to 5.1 per cent from 5.0 per cent. For senior citizens the rate is increased from 5.50 per cent to 5.60 per cent, as per data available with the SBI website. This interest rate is applicable on FDs below Rs 2 crore.

The new rate is effective from January 15, 2022.

The interest rates on FD of other tenure remains unchanged. SBI offers the highest interest rate of 5.40 per cent on FD for tenure from 5-10 years. For senior citizen the interest rate on FD of tenure from 5 years and upto 10 years stands at 6.20 per cent.

For FD of tenure two years to less than three years stands 5.10 per cent. For tenure of 3 years to less than 5 years the interest rate is 5.30 per cent.