State Bank of India, the country’s largest public sector bank, has increased the interest rates of its FDs for a certain period. SBI’s increased rates have been implemented from last week. SBI FD interest rates are applicable on domestic deposits of Rs 2 crore and above. This increase has come at a time when the State Bank has also recently increased the rate of MCLR.
The new interest rates of SBI FD have come into effect from Friday, July 15. The bank has increased its FD rates by 50 basis points for general public on deposits from one year to less than two years. For senior citizens, the SBI FD interest rate has been increased by 50 basis points to 5.75 per cent for the same period. The Bank has not made any change in the rates for other periods.
According to the bank’s website, the increased interest rate will be applicable on renewal of fresh deposits and mature deposits. These rates of interest will also be applicable on domestic fixed deposits from co-operative banks. The premature penalty for bulk fixed deposits for all tenors will be 1 per cent. This will be applicable to all new deposits including renewals.
SBI hike rates
7 days to 45 days: For general people – 3.50 percent and for senior citizens – 4.00 percent
46 days to 179 days: For general people – 4.00 percent and for senior citizens – 4.50 percent
180 days to 210 days: For general people – 4.25 percent and for senior citizens – 4.75 percent
211 days to less than 1 year: For General – 4.50 percent and for Senior Citizens – 5.00 percent
1 year to less than 2 years: For General – 5.25 percent and for Senior Citizen – 5.75 percent
2 years to less than 3 years: General – 4.25 percent and Senior citizens – 4.75 percent
3 years to less than 5 years: For General – 4.50 percent and for Senior Citizen – 5.00 percent
5 years to 10 years: For General – 4.50 percent and for senior citizens – 5.00 percent