SBI Hike FD Rate: If you are also a customer of SBI, then there is great news for you. State Bank of India (SBI) has increased the interest rates on fixed deposits. The new rates of the bank will be effective from July 15, 2022. Let’s know the new rates.
SBI Hike FD Rate: There is great news for the customers of SBI. After the increase in the repo rate by the Reserve Bank of India (RBI), now almost all the banks have also started increasing the interest rates. Under this, while banks are increasing the interest rate on loans, FD rates have also started increasing. Meanwhile, the country’s largest public sector State Bank of India (SBI) has increased the interest rates on fixed deposits (FD).
New rates will be effective from July 15
SBI’s new rates will be effective from July 15. This time the bank has increased the interest rates on FDs of less than 2 crores. That is, the bank has increased the interest rates on deposits maturing in less than 1 year to less than 2 years. Let’s know the new rates.
Know SBI’s new interest rates
- According to the new rates, the interest rate on fixed deposits maturing in 7 days to 45 days remains at the same 3.50 percent as before.
- Will continue to pay 4.00 percent interest rate on FDs maturing in 46 days to 179 days.
- Deposits maturing from 180 days to 210 days will also get interest at the rate of 4.25 percent.
- The bank has kept its interest rate constant at 4.50 per cent on FDs maturing in less than a year from 211 days.
- At the same time, deposits maturing in 1 year to less than 2 years will now get an interest rate of 5.25 percent
- FDs maturing in 2 years to less than 3 years will get 4.25 percent interest
- 3 years and 10 years Fixed deposits maturing till date will get interest at the rate of 4.50 per cent.
Many banks increased interest rates on FDs
Apart from SBI, there are many banks which are increasing the interest rates. Private sector IDBI Bank has increased the interest rate on deposits of less than Rs 2 crore, which has come into effect from July 14, 2022. Under this, the bank will give an interest rate of 2.70 percent on deposits maturing in 7 days to 30 days, while giving an interest rate of 3.00 percent on FDs maturing in 31 days to 45 days.
At the same time, for deposits maturing in 46 to 60 days, the bank will pay 3.25 percent interest rate and for deposits maturing in 61 to 90 days, the interest rate is 3.40 percent, while for FDs maturing in 91 days to 6 months. But now an interest rate of 4.00 percent will be paid.
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