New Delhi. If your account is in the country’s largest bank State Bank of India ie SBI, then there is good news for you. In fact, SBI has announced to increase the interest rates of fixed deposits ie FD on Saturday. Recently, HDFC Bank of the private sector also increased the interest rates of FD.
Rates have increased on fixed deposits of this period
According to the SBI website, the bank has increased the interest rate on fixed deposits of one year or more and less than two years. The bank has increased the rate of interest on FDs of this period by 10 basis points i.e. 0.10 percent. Now SBI will pay 5.1 percent interest instead of 5 percent on fixed deposits maturing in one year or more and less than two years.
New rates effective from January 15, 2022
The new rates have become effective from Saturday (January 15, 2022). These rates of interest are for FDs of less than Rs 2 crore. At the same time, on FDs of one year or more and less than two years, senior citizens will now get 5.6 percent more instead of 5.50 percent. The special thing is that the bank has not made any change in the interest rate of other term FDs.
See what is the interest rate of the new FD
Given below are the interest rates for domestic fixed deposits below Rs 2 crore.
| Tenure | Interest Rates for Regular Customers | Interest Rates for Senior Citizens |
|---|---|---|
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to less than 1 year | 4.40% | 4.90% |
| 1 year to less than 2 years | 5.10% | 5.60% |
| 2 years to less than 3 years | 5.10% | 5.60% |
| 3 years to less than 5 years | 5.30% | 5.80% |
| 5 years and up to 10 years | 5.40% | 6.20% |
Types of SBI Fixed Deposit Scheme
State Bank of India offers its customers to make various types of fixed deposits. Through these different schemes, customers can get different benefits. The details of all the fixed deposit schemes offered to the customers through SBI are as follows.
- SBI Term Deposit
- SBI Tax Saving Scheme
- SBI Fixed Deposit Investment Plan
- SBI Annuity Deposit Scheme
- SBI Wecare
Term Wise State Bank Of India FD Interest Rate
- SBI Short Term Deposit – Accounts are opened for a period of 7 days to 1 year. In this, the interest amount is offered to the customers in the range of 2.90% to 4.40% p.a.
- SBI Medium Term Deposit – The tenure for making a fixed deposit ranges from 1 year to 5 years. In this, interest is given to the customers ranging from 5.00% p.a. to 5.30% p.a.
- Under SBI Long Term Deposit- Interest at the rate of 5.40% is paid to the consumers. The tenure of fixed deposits in this ranges from 5 years to 10 years.
- Senior Citizen Fixed Deposit – Additional interest up to 0.80% per annum is offered to senior citizens for making fixed deposits in SBI. The interest rate on fixed deposits for senior citizens ranges from 3.40% to 6.20% p.a.
