State Bank of India (SBI) has revised the interest rates of its fixed deposits (SBI FD Rate Hike) from 14th June. The bank has increased FD interest rates by 15 to 20 basis points. After increasing the repo rate by the Reserve Bank of India (RBI), many banks have increased the interest rates of FDs.
New Delhi. There is good news for the customers of the country’s largest bank State Bank of India (SBI). The bank has now decided to pay more interest on fixed deposits (SBI FD Rate Hike). The increased interest rates have become effective from June 14. SBI has changed the interest rates on fixed deposits maturing in less than Rs 2 crore and maturing in 211 days to 3 years.
There has been no change in the interest rates of the bank’s fixed deposits maturing in the period from 7 days to 210. State Bank of India will pay interest at the rate of 2.90 percent per annum on fixed deposits of 7 days to 45 days. Now customers will get interest at the rate of 3.90 percent on FDs maturing in 46 days to 179 days. Similarly, the interest rate on fixed deposits maturing in 180 days to 210 days will be 4.40 percent as before.
15 to 20 basis points increase
According to a Live Mint report, the bank has increased the interest rates for fixed deposits maturing in 211 days to less than a year by 20 basis points from 4.40 per cent to 4.60 per cent. Similarly, the bank has also increased the interest of FDs with a period of less than one year to two years. Earlier, where the bank was giving interest at the rate of 5.10 per cent per annum to the customers, now 5.30 per cent interest will be available.
The bank has increased the interest of fixed deposits maturing in two to three years by 15 basis points. Earlier, where the bank was paying 5.20 percent interest on FDs of this period, now 5.35 percent interest will be given. The bank has not made any change in the interest rates of fixed deposits maturing in less than three to five years and still customers will continue to get interest at the annual rate of 5.45 percent. Similarly, there is no increase in the interest rates of FDs with a period of five to ten years and the bank will continue to pay interest at the rate of 5.50 per cent.
Senior citizens will get more interest
Senior citizens will also get 0.50 percent additional interest in addition to the regular interest rate on FDs maturing in a period of seven days to five years. After the revision of interest rates by the bank from June 14, now senior citizens will get 5.10 percent interest on fixed deposits maturing in 211 days to less than one year. Similarly, State Bank of India will pay 5.80 per cent interest on FDs maturing in one year to less than two years and 5.85 per cent per annum on FDs maturing in two years to less than three years.
