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SBI Hikes FD Rates: The country’s largest public sector bank i.e. State Bank of India has decided to increase the interest rates of its fixed deposits. These rates have been increased on FD schemes (SBI FD rates Hike) less than Rs 2 crore. The new rates have come into effect from Saturday i.e. 15 October 2022. According to the information given on the official website of the bank, the rates have been increased by 20 basis points. Now the bank is offering interest rate ranging from 3.00% to 5.85% to the general citizens on the deposit scheme of less than Rs 2 crore. On the other hand, the bank is offering interest rates ranging from 3.50% to 6.65% for senior citizens. If you are also a customer of the bank, then we are giving you information about the interest rate available on different periods-
Ordinary citizens are getting so much interest on FD of less than 2 crores-
State Bank of India FD Rates is offering 3.00% interest rate on its FDs below Rs 2 crore in a period of 7 to 45 days. On the other hand, customers will get 4.00% on FDs of 46 to 179 days, 4.65% on FDs from 180 days to 210 days, 4.70% on FDs from 211 days to 1 year, 5.60% from 1 year to 2 years, 2 to 3 5.65% on FDs up to one year, 5.80% on FDs from 3 to 5 years and 5.85% on FDs from 5 to 10 years, the bank is offering its customers interest rates.
FD of less than 2 crores, senior citizens are getting so much interest-
Let us tell you that State Bank has increased the FD scheme of senior citizens by 10 to 20 basis points. In such a situation, the bank is offering interest rates ranging from 3.50% to 6.65% on deposits of less than 2 crores. Along with this, the period of ‘We Care Senior Citizen Term Deposit Scheme’ launched by the bank for its senior citizens has been extended till 31 March 2023. Under this scheme, if R makes an FD for more than 5 years, then in such a situation, 0.80% more basis points are available than ordinary citizens. On the other hand, on FDs of less than 5 years, senior citizens get 0.50% interest rate as compared to ordinary citizens.
These banks also increased interest rates-
On 30 September 2022, the Reserve Bank of India in its review meeting had decided to increase its repo rate for the fourth time in a row. In the last 5 months, the repo rate has increased four times. It has increased from 4.00% to 5.90%. Due to the continuous hike in repo rate, many banks like Canara Bank, IDFC First Bank, ICICI Bank, Axis Bank, HDFC Bank, Bank of Maharashtra (Bank of Maharashtra) Many banks, including Yes Bank, have increased their deposit rates.
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