New Delhi: To control inflation, on 7 December, in Monetary Policy Meeting RBI, increased the repo rate fifth time in a row. As a result, lenders increase FD rates for various tenors. Following suit, RBI also increases the interest rates on FDs effective from 13 December. Now the largest public lender revised domestic retail term deposits or fixed deposits for older persons. All the rates have been revised on deposits under Rs 2 crore. For deposits between five and ten years, the bank raised the fixed deposit rates up to 7.25 percent.
Read More:-Want premature withdrawal of FDs? Check rules for early cancellation
SBI’s existing FD rates
SBI increased the FD rates earlier this week, with some tenors seeing increases of up to 65 basis points beginning on December 13. Seniors can borrow money at a maximum interest rate of 7.25 percent for tenors of 1 year to less than 2 years, 2 years to less than 3 years, and 5 years to 10 years.
Also Read : From buying goods online to investments – how UPI single block multiple debit will benefit you
SBI’s latest FD rates for senior citizens
The SBI is now offering 3 percent interest on 7-day to 45-day programmes following the most recent modification. Investors will receive 3.9 percent on term deposits with terms ranging from 46 to 179 days, and 5.25 percent on plans with terms ranging from 180 to less than 210 days.
Also Read : Home loan interest rebate of Rs 5 lakh to affordable housing price band change: Top 5 asks of Real Estate
For plans ranging from 211 days to a year, the bank charges an interest rate of 5.75 percent. The bank is offering 6.75 percent for plans with a duration of one year to two years or less. The SBI is offering a 6.75 percent interest rate for the next tranche, which is between two and three years.
6.25 percent interest rate is being offered for plans with maturities of 3 years to less than 5 years, 5 years, and up to 10 years.
Since May of this year, the majority of banks have actively adjusted their FD rates to reflect Reserve Bank of India policy decisions, luring more investors to choose this investment choice. The RBI has raised its repo rate from 4.40 percent to 6.25 percent since May by making five adjustments.
