SBI Increases Interest rates on Fixed Deposits
The largest public lending organisation in the country ,State Bank of India (SBI) has brought in a bundle of good news for investors as it has hiked interest rates on fixed deposits with different maturity tenures starting from 2 to 10 years.
The new interest rate bracket for SBI fixed deposits ranges between 6.6 and 6.75 percent.For fixed deposits under Rs. 1 crore subjected for two-three years tenure, the new rate has been changed to 6.60% from earlier 6.50%.On similar lines, term deposits ranging between 3 to 5 years can now be availed at 6.70% interest than existing 6.50%
People who are looking for long term investment i.e for 5 to 10 years, will now be able to avail interest rates of 6.75% from 6.50%.However,no change has been made for fixed deposits ranging from 7 days to 2 yea...