Important news for SBI customers. State Bank of India (SBI) has hiked the fixed deposit rate (SBI FD rate). These new rates are effective from March 10. SBI has increased fixed deposits of over Rs 2 crore by 20-50 basis points.
SBI raises interest rates -
Following this change, the FD Interest Rate has been increased by 20 basis points on FDs over Rs. 2 crore (which will be less than 211 days to one year). Such FDs will earn 3.30 per cent interest from March 10, 2022. Earlier, the rate was 3.10 per cent. Senior citizens used to get 3.60 per cent interest on such FDs. It has risen to 3.80 per cent.
Other rates also increased -
State Bank of India has also hiked fixed deposit rates. Under this, FD rates from one year to 10 years have been increased by 50 basis points. That is, FDs that used to earn 3.10 per cent interest will now earn 3.60 per cent interest. The interest rate on FDs for senior citizens has been increased from 3.60 per cent to 4.10 per cent.
FD rate on less than Rs 2 crore -
According to SBI, interest rates on FDs of less than 2-3 years have been increased by 10 basis points to 5.20 per cent and FDs of less than three to five years by 15 basis points to 5.45 per cent. For FDs up to 5-10 years, the interest rate has been increased by 10 basis points to 5.50 per cent from February 15 this year. Also senior citizens will get 0.50% more than the normal rate for all periods.