State Bank of India (SBI) has hiked fixed deposit interest rates by up to 20 basis points.

The country’s largest bank, however, has reduced saving bank deposit rates with balances of less than Rs 10 crore by 5 basis points to 2.70%.

Both these revisions are with effect from 15 October.

SBI’s interest rate now ranges from 3% to 5.85% for the general public and 3.50% and 6.65% for senior citizens on deposits maturing in 7 days to 10 years.

The increase is highest in the case of deposits maturing in 3 years to less than 5 years, and 5 years and up to 10 years. The bank has raised the rate by 20 basis points in both these maturity buckets.  While in deposits maturing in 3 years to less than 5 years the interest rate has gone up to 5.80% from 5.60%, in the other bucket the bank has raised it to 5.85% from the earlier 5.65%.

For deposits in the tenors of 1 year to less than 2 years, and 2 years to less than 3 years, they have been raised to 5.60% (5.45%) and 5.65% (5.50%), respectively — a rise of 15 basis points.

On deposits in other maturity periods, the bank has hiked the interest rates by 10 basis points. Deposits maturing in 180 days to 210 days will now earn an interest rate of 4.65%, up from 4.55%. Similarly, deposits maturing in 211 days to less than 1 year will now offer an interest rate of 4.70%, up from the earlier 4.60%.

for Senior Citizens introduced in the Retail TD segment, SBI will offer an additional premium of 30 basis points (over & above the existing 50 bps) for '5 Years and above' tenor only. On deposits maturing in 5 to 10 years, the interest rate will now be 6.65%, which is 80 basis points higher than the standard rate of 5.85%. Earlier, senior citizens were getting 50 basis points higher than the general public.