India’s largest public sector bank has hiked its interest rates for the FDs of specific tenures. The revised rates are already in effect from last week and they are applicable for the FDs worth ₹2 Cr or below. This action from the bank came after the increase made by the Reserve Bank of India in its repo rates by 50 basis points.
SBI Hikes FD Interest Rates
While increasing the FD interest rates the bank said the new rates are applicable from July 15, Friday. The general public bank has hiked its interest rate by 50 bps for the FDs maturing in one year to less than 2 years, which takes the rate to 5.25 per cent from 4.75 per cent. For the same FD tenure, the senior citizens will be getting an earning rate of 5.75 per cent. As for the other FD tenures, there is no revision in interest rates made by the Bank.
“The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NRO term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks”, SBI’s website says.
“Premature penalty for Bulk Term Deposits for all tenors will be 1 per cent. It will be applicable for all new deposits including renewals”, further informs.
SBI Rates For The FDs Worth ₹2Cr And Below Effective From 15 July, 2022
|FD Tenure||Interest Rates (%) For General Public||Interest Rates (%) For Senior Citizen|
|7 days to 45 days||3.50||4.00|
|46 days to 179 days||4.00||4.50|
|180 days to 210 days||4.25||4.75|
|211 Days to less than 1 year||4.50||5.00|
|1 year to less than 2 years||5.25||5.75|
|2 years to less than 3 years||4.25||4.75|
|3 years to less than 5 year||4.50||5.00|
|5 years to up to 10 years||4.50||5.00|