State Bank of India (SBI) has trimmed interest rate by 5 basis points for savings deposits below ₹10 crore. However, the bank hiked rate by 25 basis points on savings from ₹10 crore and above. SBI’s new rates have come into effect from October 15. On the other hand, another state-owned banker, Bank of Baroda (BoB) hiked the interest rates on foreign currency non-resident (FCNR) deposits by 135 basis points across various currencies and maturity periods.
SBI interest rates:
According to SBI’s website, the bank is offering 2.7% rates per annum on saving balances less than ₹10 crore effective from October 15. This is 5% basis points lower from the previous rate of 2.75% per annum.
However, SBI has hiked the rate by 25 basis points to 3% per annum on savings accounts with balances from ₹10 crore and above from the earlier rate of 2.75% per annum.
SBI has also increased its interest rates on fixed deposits below ₹2 crore by 10 basis points to 20 basis points effective from October 15. The bank is offering 3% to 5.85% to the general category on FDs from 7 days to 10 years tenures compared to the previous range of 2.90% to 5.65%. While senior citizens earn between 3.5% to 6.65% on FDs maturing these tenures compared to the previous range of 3.4% to 6.45%.