(All figures in % per annum, Image courtesy: www.sbi.co.in)

(All figures in % per annum, Image courtesy: www.sbi.co.in)

(All figures in % per annum, Image courtesy: www.sbi.co.in)

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NEW DELHI: The State Bank of India (SBI) on Monday hiked its fixed deposit (FD) interest rates for select tenures.Interest rates have been hiked in the range of 5 basis points to 10 basis points, which translates to a rise by 0.05 per cent to 0.1 per cent. The new interest rates come into effect from July 30.SBI, on its website, stated that it will offer an interest rate of 6.70 per cent for term deposits of 1 year to 2 years, up from the existing 6.65 per cent. For deposits between two to three years, the rate 6.65 per cent to 6.75 per cent. For senior citizens, the interest rate has been hiked from 7.15 per cent to 7.20 per cent for FDs of tenure 1 to 2 years, while that for tenure of 2 to 3 years has been hiked from 7.15 per cent to 7.25 per cent.These rates are only for deposits below 1 crore.On bulk term deposits of short tenures, the bank has slashed interest rates. For deposits of amounts ranging from Rs 1 crore to Rs 10 crore, the interest rate for FDs with tenure 1 to 2 years has been cut from 7 per cent to 6.70 per cent. In case of senior citizens, the rate has been slashed from 7.50 per cent to 7.20 per cent. Interest rates for deposits of Rs 1 crore to Rs 10 crore as follows:Similarly, for deposits amounting above Rs 10 crore and with tenure of 1 year to 2 years, the interest rates have been curtailed from 7 per cent to 6.70 per cent. Interest rates for deposits of above Rs 10 crore as follows:The interest rates for fixed deposits in SBI were last revised on May 28.The SBI stock reacted positively on the revised rates. At 2.12 pm, the stock was up 4.20 per cent at Rs 298.65 on the BSE.