SBI Revised FD Rates: State Bank of India on Wednesday (May 15, 2024) increased the interest rates for fixed deposit (FD) interest rates for short duration schemes. The rates have been increased by 25 bps up to 75 bps. The new FD rates in SBI are applicable for both general public and senior citizen categories.
For FDs from 46 days to 179 days, FD rates have been increased from 4.75 per cent to 5.50 per cent, while in the senior citizen category, the FD rate for the same has been increased from 5.25 per cent to 6 per cent.
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For FDs of 180 days to 210 days, the FD rate for the general public is up by 25 bps to 6.00 per cent from 5.75 per cent. Senior citizens, who were getting 5.25 per cent interest rate for the same will now get 6.50 per cent rate.
For FDs of 211 days to less than 1 year, the new rate for general public has been increased from 6 per cent to 6.25 per cent, while senior citizens will get an interest rate of 6.75 per cent instead of 6.50 per cent in the same category.
We bring you the calculations about what will you get under revised SBI FD interest rates on an investment of Rs 1 lakh in each of the FD. We are also assuming that you would withdraw your amount on the maximum limit of maturity in each of the FD.
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For general citizens
In FD of 46 days to 179 days
The revised interest rate for the general public is 5.50 per cent. If one withdrew their Rs 1 lakh investment on a maturity of 179 days, they will get Rs 2,715 as interest and the maturity amount will be Rs 1,02,715.
In FDs of 180 days to 210 days
Here one gets 6 per cent interest rate, which means Rs 1 lakh investment will give Rs 3,485 in interest on maturity. The maturity amount thus, will be Rs 1,03,485.
In FD of 211 days to less than 1 year
The revised interest rate in the scheme is 6.25 per cent. Rs 1 lakh investment in the scheme will give Rs 6,398 as interest, while the maturity value will be Rs 1,06,398.
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For senior citizens
In FD of 46 days to 179 days
The revised interest rate for the general public is 6.00 per cent. If one withdrew their Rs 1 lakh investment on a maturity of 179 days, they will get Rs 2,963 as interest and the maturity amount will be Rs 1,02,963.
In FDs of 180 days to 210 days
Here one gets 6.50 per cent interest rate, which means Rs 1 lakh investment will give Rs 3,779 in interest on maturity. The maturity amount thus, will be Rs 1,03,779.
In FDs of 211 days to less than 1 year
The revised interest rate in the scheme is 6.50 per cent. Rs 1 lakh investment in the scheme will give Rs 6,641 as interest, while the maturity value will be Rs 1,06,641.
