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SBI hikes FD interest rates by up to 10 basis points, says report

SBI hikes FD interest rates by up to 10 basis points, says report

SBI hikes FD interest rates by up to 10 basis points, says report
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By CNBC-TV18 Dec 3, 2018 6:43:58 AM IST (Updated)

According to the report, for FDs with maturity of one year to two years, SBI is offering 6.80 percent interest rate. ICICI offers 7.1 percent interest rate for the same duration, while HDFC and Axis Bank offers 7.3 percent interest rate on maturity.

State Bank of India (SBI), the largest bank in the country has increased interest rates on fixed deposits (FD) by up to 10 basis points on select maturities, reported LiveMint. The decision, according to the report, comes following FD rate hikes by major banks including HDFC Bank and ICICI.

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As per the report, SBI is offering interest rates ranging from 5.75 percent to 6.40 percent for FDs having maturity period of up to one year.  The interest rates for ICICI is in the 5.50 percent to 6.40 percent range for the same period, while it ranges from 6.25 percent to 7.30 percent and 6.25 to 7.1 percent for HDFC and Axis Bank respectively, the report said.
According to the report, for FDs with maturity of one year to two years, SBI is offering 6.80 percent interest rate. ICICI offers 7.1 percent interest rate for the same duration, while HDFC and Axis Bank offers 7.3 percent interest rate on maturity.
For FDs with a maturity of over two to ten years, SBI offers interest rate ranging from 6.80 percent to 6.85 percent. Interest rate of ICICI ranges from 7 to7.5 percent while that of HDFC is from 6.5 to 7.4 percent. Axis Bank, for the same period offers interest of 7 to 7.50 percent for FDs, said the report.
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