The country’s largest bank State Bank of India (SBI) has given a bumper gift to more than 46 crore customers. The bank has increased fixed deposit (FD) rates by 80 basis points.
New Delhi. The country’s largest bank State Bank of India (SBI) has given a bumper gift to more than 46 crore customers. The bank has increased fixed deposit (FD) rates by 80 basis points. This increase has been made for all tenures. The new interest rates will be applicable on FDs below Rs 2 crore. According to the bank’s website, the increased rates will be applicable from October 22, 2022. Senior citizens are the biggest beneficiaries.
Whereas SBI gives 1% additional FD interest to its employees and pensioners. SBI pensioners can avail 7.65% interest on FDs for a tenure of 5 to 10 years.
Know the new FD rates
SBI has increased FDs with tenure of less than 1 year from 211 days by 80 basis points to 5.50%. Earlier it was 4.70%. The new rates are applicable from 22 October.
Apart from this, the bank is offering interest at the rate of 4.65% on FDs maturing from 180 days to 210 days. Similarly, interest on FDs with tenure of 2 years to less than 3 years has been increased from 5.65% to 6.25%.
The tenure of 46 days to 179 days has been increased by 50 basis points to 4.50%, while for 1 year to less than 2 years it has been increased from 5.60% to 6.10%.
SBI will get interest at the rate of 6.10% on FDs with tenure of 3 years to less than 5 years. On the other hand, FDs of 5 years to 10 years are paying interest at the rate of 6.10% and tenure of up to 10 years at 6.10%. The rate remains unchanged at 3% on tenures from 7 days to 45 days.
New SBI FD Rates for Senior Citizens:
Senior citizen is being given interest at the rate of 6.90% on tenure of 5 years and up to 10 years. Whereas 6 percent has been offered for periods ranging from 211 days to less than 1 year. Senior citizens are offered a rate of 6.60% on tenures ranging from 3 years to less than 5 years. Whereas FDs for tenures ranging from 2 years to less than 3 years have been increased by 50 basis points from 6.15% to 6.75%. From the current 6.10% to 6.60% on tenures from 1 year to less than 2 years, and from 4.5% to 5% on tenures from 46 days to 179 days. Remains unchanged at 3.50% on tenure from 7 days to 45 days.
SBI Wecare Deposit (SBI ‘Wecare Deposit’)
SBI will extend the validity period of its Waycare Senior Citizen Term Deposit scheme till March 31, 2023 next year. Senior citizens get 30 basis points additional premium interest on deposits for a period of five years or more. Retail term deposits of less than five years will get 0.50 percent more interest than ordinary citizens. At the same time, senior citizens will get 0.80 percent (0.50 +0.30) more interest on retail term deposits of more than five years.