FD Rates: SBI has announced to increase the interest rates by 20 to 40 basis points on FDs with bulk deposits of more than Rs 2 crore. The change in interest rates has come into effect from 10 March 2022.
SBI Hikes FD Rates: There is good news for those who deposit money in the form of FD in banks. The country’s largest public sector bank State Bank of India has announced to increase interest rates on fixed deposits. SBI has announced to increase interest rates by 20 to 40 basis points on FDs with bulk deposits of more than Rs 2 crore. The change in interest rates has come into effect from 10 March 2022.
According to the SBI website, the bank has decided to increase the amount on FDs above Rs 2 crore. Interest rates have been increased by 20 basis points on FDs of more than 211 days and less than one year. Now instead of 3.10 per cent, the interest rate on FDs with this tenure will be 3.30 per cent. On the other hand, senior citizens will now get 3.80 percent interest on FDs of this period, which used to get 3.60 percent interest earlier.
At the same time, the interest rates on FDs ranging from one year to 10 years have been increased by 40 basis points. Earlier, where FD used to get 3.10 percent interest for this period, now it will get 3.60 percent interest. Whereas senior citizens will get 4.10 percent interest instead of 3.60 percent. The new interest rates will also be applicable on the renewal of FDs maturing with new FDs.
According to the SBI website, interest rates on FDs with tenures ranging from 2 years to 3 years have been increased by 10 basis points. At the same time, interest rates on FDs with a tenure of 3 to 5 years have been increased by 15 basis points and now 5.45 percent interest will be available. Interest rates on FDs with a tenure of 5 years to 10 have been increased by 10 basis points and now 5.50 percent interest will be available.
There will be a penalty of 1% on withdrawal before the maturity of the FD. On the other hand, senior citizens will get 0.50 percent more interest on FDs of all tenors.
