The country's biggest lender State Bank of India (SBI) has hiked fixed deposit rate on select short-term maturity up to 75 basis points, a move likely to be followed by other lenders.

For term deposits of 46-179 days, the rate has been increased by 75 basis points to 5.50 per cent, as against the earlier 4.75 per cent, as per the revised figure posted on SBI website.

There has been a 25 basis point increase in the other two maturity buckets -- 180-210 days and 211 days to less than 1 year, to 6 per cent and 6.25 per cent respectively.

The new rates on deposit less than Rs 2 crore are effective from May 15, 2024.

Senior citizens would be eligible for additional 50 basis points on the revised rates as per the norms, it said.

SBI has left interest rates unchanged on other maturity buckets beyond one year.

For fixed deposits above Rs 2 crore, the bank has increased interest rate on both short-term and long-term maturity.

For three maturity periods starting from 7 days till 210 days, the interest rate has been raised between 10 basis points and 25 basis points.

At the same time, longer duration term deposits starting one year till three years, will attract higher interest rates between 20 basis points and 25 basis points.

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