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State Bank of India revises interest rates; know more

revision in interest rates has been announced

In what could be a major breather, the India’s largest bank State Bank of India has announced revised interest rates.

As per information, the revision in interest rates has been announced on ‘retail domestic term deposits’ (below Rs 1 crore) as well as ‘domestic bulk term deposits’ of Rs 1 crore to Rs 10 crore.

The rates would be effective from February 28 itself.

For instance, 1-year retail domestic term deposits of below Rs 1 crore will now earn 6.40% interest as against 6.25% earlier.

Similarly, deposits of 7 days to 45 days will earn 5.75% as against 5.25% earlier.

The deposits of above 1 year to less than 2 years will earn 6.40% interest as against 6.25% before.

For deposits of 2 years to 10 years,

senior citizens will now get 7% as against 6.50% earlier

, while for 1-year deposit they will get 6.9% as against 6.75% before.

Senior citizens here will earn 7.25% on deposits of 1 year to 455 days as against 6.75% earlier.

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