SBI has revised upwards FD interest rates for deposits below Rs 2 crore
State Bank of India (SBI) has increased interest rates on fixed deposits (FDs) by up to 50 basis points (bps), effective December 27, according to the government-owned lender’s website. The FD interest rates have been revised for deposits below Rs 2 crore.
Read More: SIP Tips: Five things you should not ignore when investing in systematic investment plan
According to SBI’s website, interest rates on ’46 days to 179 days’, ‘211 days to less than 1 year’, and ‘3 years to less than 5 years’ tenures have been raised by 25 basis points.
The FD rates on ‘7 days to 45 days’ and ‘180 days to 210 days’ tenures have been increased by 50 basis points.
SBI has hiked rates by 50 basis points (bps) on fixed deposits maturing in seven to 45 days.
However, FD rates on ‘1 year to less than 2 years’, ‘2 years to less than 3 years’, and ‘5 years and up to 10 years’ tenures have been kept unchanged.
State Bank of India’s Revised FD Interest Rate (On Deposits Below Rs 2 Crore):
7 days to 45 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
46 days to 179 days: For General Public – 4.75 per cent; For Senior Citizens – 5.25 per cent
180 days to 210 days: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent
211 days to less than 1 year: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
1 year to less than 2 years: For General Public – 6.80 per cent; For Senior Citizens – 7.30 per cent
2 years to less than 3 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
3 years to less than 5 years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
5 years to up to 10 years: For General Public – 6.50 per cent; For Senior Citizens – 7.50 per cent.
According to the SBI website, “The specific tenor scheme of ‘400 days’ (Amrit Kalash) at rate of interest of 7.10 per cent w.e.f. April 12, 2023. Senior Citizens are eligible for rate of interest of 7.60 per cent. The scheme will be valid till March 31, 2024.”
The move comes after RBI Governor Shaktikanta Das has said there is a scope for banks for monetary policy transmission. In the previous monetary policy review earlier this month, the RBI kept the repo rate unchanged for the 5th time in a row at 6.5 per cent.
Read More: How to read the PE ratio for smart investing
The RBI MPC started its rate hike cycle in May 2022 when inflation surged on the back of global supply chain constraints due to the Russia-Ukraine war.
