State Bank of India (SBI) today, has raised the interest rates on fixed deposit by 0.2 percent on select maturity. This has happen just a few days after the hike by RBI for the interest rate of short term lending (repo) by 0.25 percent.
Notwithstanding, there is no change in the investment rates for different maturities under Rs.1 crore. For fixed deposits which are high in value and above Rs.1 crore, the rate of interest has been reduced to anywhere between 0.25 percent to 2 percent.
In the meantime, 2-10 year fixed deposit in the same fragment might procure percentage rate of 8.50, this has come down 0.25 for per cent. The RBBI has left unaltered different rates, for example the money save proportion at 4 for percent and the compulsory possessions in other liquid holdings and government securities as a solvency measure (SLR) 23 per cent.