SBI FDs: Do you know that SBI offers 1.5% more interest on all types of FDs to its special category of customers. That is, if the general customer is paying 6.1 percent interest annually on FD of 5 years, then the customers of this category will get 7.1 percent annually.
SBI FDs: Along with expensive loans, all banks are also increasing interest on deposits. State Bank of India (SBI) has also increased interest rates on FDs in recent months. If you too are looking for a risk-free fixed income option amidst the ongoing ups and downs in the market, then there is a better option in bank FDs. In SBI’s FD, the customer can make a lump sum deposit in different tenures of 1-10 years. But, do you know that SBI offers 1.5% more interest on all types of FDs to its special category of customers. That is, if the general customer is paying 6.1 percent interest annually on FD of 5 years, then the customers of this category will get 7.1 percent annually.
Who will get 1.5% more interest in SBI
According to SBI’s website, the bank offers 1% more interest than the existing FD rates to its employees and pensioners. All senior citizens above 60 years get 0.50 percent more interest. In such a situation, if SBI’s senior citizen is a pensioner, then along with 1 percent, he will get 0.50 percent more interest. Being 1% bank staff and 0.50% Indian senior citizens will be beneficial. In this way, a total of 1.50 percent interest will be available on FD.
SBI Wecare Deposit: For Senior Citizens
SBI is running SBI Wecare scheme in retail term deposit / fixed deposit for senior citizens. In this scheme, apart from 0.50 per cent, 0.30 per cent i.e. a total of 0.80 per cent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. The bank has extended this scheme till March 31, 2023.
New FD interest rates
After the new change, SBI FD between 7 days to 45 days will now get 3 percent interest. FD between 46 days to 179 days will get interest at the rate of 3.9 percent. The bank is offering interest at the rate of 5.25 per cent on FDs of 180 days to 210 days. The bank has increased the interest rates of FDs maturing in 211 days to 10 years.
How much interest on 10 year FD?
After the new hike, the bank will give an additional 25 basis points (BPS) on FDs maturing in 211 days to less than a year. With this, the rate of interest will be 5.75 percent. On FDs of one year to less than two years, the general public will have 65 bps as additional interest rate. With this, customers will get interest at the rate of 6.75 percent. FDs from three years to less than five years and from 5 years to 10 years will now get interest at the rate of 6.25 percent.
Interest rate for senior citizens
State Bank will provide an additional 50 basis points to the interest rates available on fixed deposits of all duration for senior citizens. After the new change, senior citizens will get interest at the rate of 3.5 per cent to 7.25 per cent on FDs maturing in 7 days to 10 years. The Reserve Bank had announced a 0.35 percent increase in the repo rate last week.
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