Good News For SBI Customers: SBI Hikes Interest Rates On FDs By Up To 10 Basis Points

Giving more details, the SBI said it has increased the interest rate on fixed deposits for tenure of 1 year to less than 2 years 5.1 per cent from 5.0 per cent.

Published: January 15, 2022 9:05 PM IST

By India.com Business Desk | Edited by Manmath Nayak

Good News For SBI Customers: SBI Hikes Interest Rates On FDs By Up To 10 Basis Points
The SBI also stated that the interest rate is applicable on FDs below Rs 2 crore and the revised rate is effective from January 15, 2022.

SBI Customer Alert: Here comes a wonderful news for the SBI customers who have invested in Fixed Deposits in the bank. In a latest development, the ban on Saturday said it has increased the interest rates on fixed deposit (FD) by up to 10 basis points or 0.10 per cent.

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Giving more details, the SBI said it has increased the interest rate on fixed deposits for tenure of 1 year to less than 2 years 5.1 per cent from 5.0 per cent.

However, for the senior citizens, the rate for deposits, for tenure 1 year to less than 2 years, is increased from 5.50 per cent to 5.60 per cent, the SBI website showed. The interest rates on FD of other tenure remained unchanged.

The SBI also stated that the interest rate is applicable on FDs below Rs 2 crore and the revised rate is effective from January 15, 2022.

Currently, SBI offers one of the highest interest rates of 5.40 per cent on FD for tenure from 5-10 years. For senior citizens, the SBI offers interest rate on FD of tenure from 5 years and up to 10 years comes at 6.20 per cent.

On the other hand, the interest rate for deposits maturing in a minimum of two years to less than three years stands 5.10 per cent. For deposits with a tenure of 3 years to less than 5 years, the interest rate is 5.30 per cent.

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Published Date: January 15, 2022 9:05 PM IST