SBI FD interest rates 2018: State Bank of India (SBI) on Monday gave the risk-averse investors a reason to smile who were looking to park their funds in the fixed deposits. India’s largest bank today announced a hike in the interest rates on fixed-term deposits by up to 10 basis points. The bank revised the interest rates of both its retail and bulk term deposits with effect from 30th July, 2018, i.e. today. What came as a good news for both general public and senior citizens, the rates have been revised across various tenures.

Under the revised rate structure, the deposits for 1 year to 2 years will now accrue 6.7 percent as against 6.65 percent earlier. On the other hand, the new rates for the senior citizens are 7.2 percent from 7.15 percent earlier. For the investments from 2 years to 3 years, the interest rate is revised to 7.3 percent from 7.15 percent.


This comes ahead of RBI's bi-monthly monetary policy announcement. The monetary policy committee will commence its three-day meeting today and will announce its resolution on August 1.