SBI Fixed Deposit Interest Rates: A week after the Reserve Bank India India’s largest public sector lender State Bank of India hikes its interest rates for the second time in a row Fixed deposit Up to 20 basis points. Rates are effective from Tuesday, June 14. new SBI FD Interest Rates 2 crore are applicable on deposits, the lender said on its website.
The benefit of the maximum rate of interest will be available to those depositors who have or will open an FD account for a period of less than one year in 211 days. There has been an increase of 20 bps over these tenors, as a result of which the interest rate on these deposits has gone up to 4.40 per cent from 4.60 per cent earlier, according to the bank’s website. For tenures ranging from one year to less than two years, the rates have been increased from 5.10 per cent to 5.30 per cent, which is also an increase of 20 basis points. SBI FD rates for deposits of two years and less than three years have been increased by 15 basis points, from 5.20 per cent to 5.35 per cent, the bank said.
SBI said the revised interest rates will now be applicable on fresh deposits as well as renewal of mature deposits. NRO fixed deposit interest rates will be matched with domestic fixed deposit interest rates. The rate of interest payable to SBI Staff and SBI Pensioners will be 1 per cent higher than the applicable rate. The rate applicable to all senior citizens aged 60 years and above and SBI pensioners will be 0.50 per cent higher than the rate payable for all tenures to resident Indian senior citizens.
Here are the revised interest rates on bulk fixed deposits of less than Rs 2 crore in SBI with effect from June 14, 2022:
7 days to 45 days: for general public – 2.90 percent; For senior citizens – 3.40 percent
46 days to 179 days: for general public – 3.90 percent; For senior citizens – 4.40 percent
180 days to less than 1 year: for general public – 4.60 percent; For senior citizens – 5.10 percent
1 year to less than 2 years: for general public – 5.30 percent; For senior citizens – 5.80 percent
2 years to less than 3 years: for general public – 5.35 percent; For senior citizens – 5.85 percent
3 years to less than 5 years: for general public – 5.45 percent; For senior citizens – 5.95 percent
5 years to 10 years: for general public – 5.50 percent; For senior citizens – 6.30 percent.
Many banks are increasing their fixed deposit interest rates after the RBI’s announcement on June 8. Recently, several other banks have increased their interest rates on fixed deposits in multiple tenor baskets for retail customers. The increase in SBI FD interest rate also comes as a direct result of RBI’s move. RBI has said that it was withdrawing its accommodative stance to contain inflation in accordance with the decisions taken during its scheduled bi-monthly Monetary Policy Committee meeting. This time the RBI had increased the repo rate by 50 basis points to 4.90 percent.
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