What is the return you will get on SBI FD of less than Rs 2 crore?
SBI has increased the interest rates on deposits maturing between 7 days to 45 days from 2.90 percent to 3 percent. Similarly, FDs maturing between 46 days to 179 days will attract an interest rate of 4 percent. Earlier the interest rate for this period was 3.90 per cent. After the revision, the interest rate on retail domestic fixed deposits between 180 days and 210 days has increased from 4.55 per cent to 4.65 per cent. The bank has increased the interest rate on deposits from 211 days to less than one year from 4.60 percent to 4.70 percent. The interest rate on SBI Retail Domestic Term Deposits maturing between one year to less than two years has increased from 5.45 per cent to 5.60 per cent. The interest rate on FDs from two years to less than three years has been increased from 5.50 per cent to 5.65 per cent. The interest rate on deposits maturing from three years to less than five years has been increased from 5.60 per cent to 5.80 per cent. The interest rate on FDs ranging from five years to 10 years has increased from 5.65 per cent to 5.85 per cent.
SBI FD interest rates below Rs 2 crore from 15 October 2022
Source: SBI Website
SBI Senior Citizen FD interest rates hiked
The bank has increased the interest rates by up to 20 basis points for senior citizen fixed deposits for amounts below Rs 2 crore. Let us see how much interest an elderly customer will now get on Fixed Deposit in SBI.
For senior citizens, fixed deposits maturing between 7 days to 45 days will fetch an interest rate of 3.5 per cent with effect from 15.10.2022. Earlier the interest rate for this period was 3.40 percent. The interest rate on deposits maturing between 46 days to 179 days will increase from 4.40 percent to 4.50 percent. The bank has increased the interest rate on FDs maturing between 180 days to 210 days from 5.05 percent to 5.15 percent. The interest rate on fixed deposits maturing from 211 days to less than one year has increased from 5.10 per cent to 5.20 per cent. SBI has increased the interest rate on deposits from one year to less than two years from 5.95 percent to 6.10 percent. The interest rate on FDs ranging from two years to less than three years will increase from 6 per cent to 6.15 per cent. The bank has increased the interest rate on fixed deposits from 6.10 percent to 6.30 percent on term deposits from three years to less than five years. The interest rate on retail domestic fixed deposits with maturities ranging from five years to 10 years has increased from 6.45 per cent to 6.65 per cent.
The Reserve Bank of India (RBI) increased the repo rate by 50 basis points on September 30, 2022. After that, many public and private sector banks have increased their interest rates on fixed deposits.