The country's largest bank, State Bank of India (SBI) has increased the interest rates on fixed deposits (SBI FD Rate). Rates on deposits of certain tenures have been increased by up to 75 basis points. The bank has increased the interest rates on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore). The increased interest rates have come into effect from May 15. There has been an increase of 75 basis points on FD schemes ranging from 46 days to 179 days. Now the common customer will get 5.50 percent interest instead of 4.75 percent. At the same time, the bank will give 6 percent interest to senior citizens on FD of this period instead of 5.25 percent.
SBI has increased the interest rates on FDs maturing in 180 to 210 days by 25 basis points. In such a situation, general customers will now get interest at 6 percent interest rate instead of 5.75 percent. Whereas on FDs ranging from 211 days to 1 year, the bank will give 6.25 percent interest instead of 6.00 percent to general customers and 6.75 percent interest to senior citizens.
Higher interest even on bulk FD
Apart from retail, the State Bank of India has also increased the interest rates of bulk FD. The bank will now give 5.25 percent interest to common customers instead of 5.00 percent on FDs of 7 to 45 days. Senior citizens will get interest at the rate of 5.75 percent per annum instead of 5.50 percent. The bank has increased the interest rates on FDs of 46 to 179 days by 50 basis points. Now the bank is offering a 6.25 percent interest rate instead of 5.75 percent to general customers and 6.75 percent instead of 6.25 percent to senior citizens.
Higher interest will be available on these FDs also
State Bank of India has also increased the interest rates of bulk FD from 180 to 210 days. Now the annual interest rate for general customers will be 6.60 percent instead of 6.50 percent and for senior citizens, it will be 7.10 percent instead of 7.00 percent. The bank will give interest at the rate of 7 percent to general customers and 7.50 percent to senior citizens on FD with a tenure of 1 to 2 years. There has been an increase of 50 basis points on FDs of 2 to 3 years, after which now the bank will give 7 percent interest on this FD to general customers and 7.50 percent interest to senior citizens.
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