SBI FD Interest Rates: State Bank of India has recently announced a hike in its interest rates on fixed deposits above Rs 2 crore. It has come into effect from the beginning of this week. India’s largest public sector bank SBI has also increased its base rate by 0.10 per cent or 10 basis points, the bank said in a notification on its website. With the latest hike, the new interest rate has been fixed at 7.55 percent. This also came into force on the same day this week. Earlier this year, SBI had reduced the base rate by 0.5 per cent, after which the interest rates for the bank’s account holders came down to 7.45 per cent.
All banks equally use the minimum interest rate prescribed by the Reserve Bank of India for deposits. no bank including State Bank of Indiais allowed to fix an interest rate lower than the base rate prescribed by the central bank for its customers.
On fixed deposits, State Bank of India in its website also stated that the new rates will be applicable to new deposits as well as maturing deposits which are to be renewed. NRO fixed deposit interest rates will be matched with domestic fixed deposit interest rates. The bank further stated in its website that these interest rates would also be applicable in the case of domestic fixed deposits maintained by co-operative banks.
Here are the new fixed deposit rates fixed by SBI on deposits above Rs 2 crore. These rates are applicable from December 15, 2021:
7 days to 45 days – For the public: 3 percent; For Senior Citizens: 3.50 Percentage
46 days to 179 days – For the public: 3 percent; For senior citizens: 3.50 percent
180 days to 210 days – for the public: 3.10 percent; For senior citizens: 3.60 percent
211 days to less than 1 year – For the public: 3.10 percent; For senior citizens: 3.60 percent
1 year to less than 2 years – For the public: 3.10 percent; For senior citizens: 3.60 percent
2 years to less than 3 years – For the public: 3.10 percent; For senior citizens: 3.60 percent
3 years to less than 5 years – For the public: 3.10 percent; For senior citizens: 3.60 percent
5 years and up to 10 years – for the public: 3.10 percent; For senior citizens: 3.60 percent
Here are the fixed deposit rates set by SBI on deposits below Rs 2 crore. These rates are effective from January 8, 2021:
7 days to 45 days – for the public: 2.90 percent; For senior citizens: 3.40 percent
46 days to 179 days – for the public: 3.90 percent; For senior citizens: 4.40 percent
180 days to 210 days – to the public: 4.40 percent; For senior citizens: 4.90 percent
211 days to less than 1 year – For the public: 4.40 percent; For senior citizens: 4.90 percent
1 year to less than 2 years – For the public: 5 percent; For senior citizens: 5.50 percent
2 years to less than 3 years – For the public: 5.10 percent; For senior citizens: 5.60 percent
3 years to less than 5 years – For the public: 5.30 percent; For senior citizens: 5.80 percent
5 years and up to 10 years – for the public: 5.40 percent; For senior citizens: 6.20 percent
State Bank of India’s revised rates came into force a week after the Reserve Bank of India held its bi-monthly Monetary Policy Committee (MPC) brief meeting on December 8. In that press brief, central bank governor Shaktikanta Das announced that he had decided to keep the repo rate unchanged for the time being. This is the ninth time in a row that the RBI has kept the repo rate unchanged at 4 per cent, the lowest in the last 20 years.
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