The largest lender of the nation, State Bank of India (SBI) has adjusted fixed deposit rates for some selected maturity terms. The modified SBI rates for less than Rs 2 crores on retail FDs are applicable from 8 January. The bank raised interest rates on fixed deposits (FDs) by 10 basis points over 1 year to less than 2 years (bps). For new deposits and renewals of maturing deposits, the proposed interest rates are valid. On 10 September 2020, the SBI had earlier updated fixed deposit interest rates. SBI has also renewed until 31 March 2021 the special FD scheme for senior citizens identified as ‘SBI Wecare’ Deposit.
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