State Bank of India, IDBI Bank hike retail fixed deposit rates

For 1 year to less than 2 years, SBI is offering 6.10% as compared to 5.60% earlier

State Bank of India has increased retail fixed deposit rates by up to 80 basis points (bps) on select maturities, with effect from October 22.

Banks are getting aggressive in increasing deposit rates on the back of a healthy pick-up in loan growth and lagging deposit growth.

The peak deposit rate of SBI now stands at 6.25 per cent for two years to less than three years maturity, as compared to 5.65 per cent earlier. Senior citizens will get 6.75 per cent for the same maturity. For one year to less than two years, SBI is offering 6.10 per cent