Your fixed deposits will now fetch four rupees more per lakh. State Bank of India, the country's largest bank, hiked fixed deposit interest rates by 0.05% to 0.10% for amounts up to Rs 1 crore. The hike is applicable on deposits of more than one year. The hike in rates on deposits of two years or less is limited to 5 basis points, or 0.05%, while on deposits longer than two years, the hike is 10 basis points, or 0.10%. Which means that for a deposit of Rs 1 lakh for one year, you now earn Rs 4.16 more per month than you did earlier. The new interest rates come into effect from July 30.