New Delhi. State Bank of India (SBI) has increased the interest rate on fixed deposits. This increase has gone on interest on domestic bulk term deposits of Rs 2 crore and above.
There has been no change in the interest rates for retail term deposits of less than Rs 2 crore. These new FD interest rates have become effective from 15 December 2021. The bank has increased the FD rate by 0.10 percent.
Now the interest rate on this term deposit in SBI is starting from 3 percent per annum. For senior citizens, it starts from 3.50 per cent per annum. The revised rates will be applicable on new bulk FDs and renewal of old FDs that have matured.
Base rate hiked by 10 points
Let us inform that State Bank of India (SBI) has increased its base rate by 10 basis points. This move of SBI is sure to make the loan a bit costlier for the existing borrowers. According to SBI’s website, the base rate has been increased by 10 bps. Earlier in September, the bank had cut its base rate by 5 points.
Reserve Bank of India sets the minimum interest rate, which all banks use as their standard rate. Banks are not allowed to lend at a rate lower than the base rate already fixed by the central bank.
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