SBI FD Rate Increased: Good news for senior citizens, Now 7.25% interest will be available on FD, check details

SBI FD Rate Hike: State Bank of India has increased interest rates on fixed deposits from 25 bps to 65 bps. Senior citizens will now get up to 7.25% interest on FD in State Bank.

SBI FD Rate Hike: State Bank of India (SBI) has increased the interest rates on some fixed deposits (FD) by up to 65 basis points. According to SBI’s website, FD interest rates have been increased from 25 basis points to 65 basis points.

The enhanced interest rates will be applicable on fixed deposits up to Rs 2 crore. The higher interest rates on FDs are effective from December 13, 2022. The bank last increased interest rates on retail fixed deposits by up to 80 basis points on October 22, 2022.

How much return will be available on SBI FD of less than Rs 2 crore?

• The bank has increased the interest rate on deposits of 211 days to less than one year from 5.50 percent to 5.75 percent, which is 25 basis points.
• SBI has increased the interest rate for tenors of less than two years from 6.10 per cent to 6.75 per cent for tenors of one year, which is 65 basis points.
• The interest rate on FDs of two years to less than three years has been increased from 6.25 percent to 6.75 percent.
• The interest rate on deposits of three years to less than five years has been increased from 6.10 per cent to 6.25 per cent.
• The interest rate on FDs ranging from five years to 10 years has increased from 6.10 percent to 6.25 percent.

SBI updated FD interest rate

Interest rates are applicable for fresh deposits as well as for renewal of matured accounts. SBI Tax Saver Scheme 2006 (SBITSS) interest rates will be linked to retail deposit and NRO deposit domestic retail fixed deposit rates.

Interest Rates for Senior Citizens

For senior citizens, the bank offers an interest rate ranging between 3.50 per cent to 7.25 per cent for tenures between 7 days to 10 years.

SBI VCare Deposit Scheme

As per the SBI website, “A special ‘SBI WeCare’ deposit for senior citizens in the Retail TD segment with an additional premium of 50 bps over the existing 50 bps i.e. 100 bps over the card rate for the public (as mentioned above) ) Table) will be paid to Senior Citizens on their Retail TD only for the period ‘5 years and above’. The ‘SBI WeCare’ deposit scheme has been extended till March 31, 2023.