State Bank of India or SBI has increased interest rates on select fixed deposits by up to 25 basis points. According to SBI’s website, the increase in FD has been done from 5 basis points to 25 basis points.
Two months later, the State Bank of India or SBI has increased interest rates on select fixed deposits by up to 25 basis points. According to SBI’s website, the increase in FD has been done from 5 basis points to 25 basis points. The increased FD interest rates will be applicable from February 15, 2023. The increased interest rates will be applicable on fixed deposits up to Rs 2 crore. Earlier, on December 13, 2022, the country’s largest bank had increased the interest rate on FDs of select duration by up to 65 basis points.
Special tenure scheme was also launched
SBI has also introduced a special tenure scheme of 400 days, which has an interest rate of 7.10 per cent. This interest rate is effective from 15 February 2023. This scheme will be applicable till 31 March 2023.
The bank has increased the interest rate on deposits with maturity of 1 year to less than two years from 6.75 per cent to 6.80 per cent. This interest rate is for common citizens. SBI has increased the interest rate on FDs from two years to less than three years from 6.75 percent to 7 percent. That is, it has increased by 25 basis points. FDs with a tenure of 3 years to less than 10 years have been increased from 6.25 per cent to 6.50 per cent.
How much interest now over what period?
The bank has increased the interest rate on fixed deposits maturing in one year to less than two years from 7.25 per cent to 7.30 per cent. The interest rate for common citizens has been increased by 5 basis points. SBI has increased the interest rate on FDs from 2 years to less than three years from 7.25 percent to 7.50 percent. This is an increase of 25 basis points. At the same time, the interest rate on FDs of 3 years to less than five years has been increased from 6.75 percent to 7 percent.
Earlier this month, the Reserve Bank of India or RBI’s MPC decided to increase the key benchmark interest rate by 25 basis points to 6.5 per cent. RBI Governor Shaktikanta Das had said that four of the six members of the MPC have decided to go ahead with this hike in the repo rate.
