SBI Fixed Deposit Rates: State Bank of India (SBI) has increased interest rates by 20-40 basis points on bulk fixed deposits (FD rates) above Rs 2 crore. According to the information given on the bank’s website, this new rate is applicable from March 10, 2022. According to the SBI website, the bank has increased the interest rate on FDs above Rs 2 crore by 20 basis points from 211 days to less than 356 days.
What did the bank say?
Bulk FDs will now increase from 3.10% to 3.30% from March 10. At the same time, it will increase from 3.60% to 3.80% for senior citizens. The bank says the rates have been increased by 40 basis points from 3.10% to 3.60% for tenures ranging from 1 year to 10 years.
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From 3.60% to 4.10% for senior citizens. Let us inform that the new FD rates have been applicable only on the interest of domestic bulk term deposits of Rs 2 crore and above. This means that customers with retail term deposits of less than Rs 2 crore will not get the benefit of this increase.
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they will also benefit
SBI said that the revised interest rates will also be applicable on renewal of FDs maturing with new FDs. These interest rates will also be applicable on domestic FDs held by co-operative banks. At the same time, there will be a penalty of 1 percent on FD withdrawal before maturity.