State Bank of India Raises Fixed Deposit Rates by Up to 75 bps
By Lokmat English Desk | Published: May 15, 2024 02:25 PM2024-05-15T14:25:34+5:302024-05-15T14:32:26+5:30
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State Bank of India, India's largest public sector bank, has modified the interest rates for its fixed deposit scheme. The bank has implemented increases in interest rates for both fixed deposit schemes, applicable to amounts both less than and exceeding Rs 2 crore.
As per the official announcement on the bank's website, the revised rates are set to be effective from Wednesday, May 15, 2024. SBI has opted to raise interest rates on fixed deposit schemes with amounts less than Rs 2 crore by a maximum of 75 basis points.
Major adjustments have been made by the bank regarding interest rates on FD schemes with deposits below Rs 2 crore. For FD plans spanning from 46 days to 179 days, a significant increase of 75 basis points has been implemented. Consequently, the average consumer is now entitled to an interest rate of 5.50 percent, up from the previous 4.75 percent.
During this period, senior citizens are now enjoying a 6 percent interest rate on FDs, up from the previous 5.25 percent. Notably, the bank has raised the interest rate on FDs spanning from 180 to 210 days by 25 basis points. Consequently, the average consumer stands to benefit from a 6 percent interest rate, an increase from the prior 5.75 percent.
For FD plans spanning from 211 days to 1 year, the bank is now offering a 6.25 percent interest rate to general customers, up from the previous 6.00 percent, and 6.75 percent to senior citizens.
In addition to retail customers, SBI has adjusted interest rates on bulk FDs. Specifically, the bank has raised the interest rate on the 7-45 day FD scheme by 25 basis points. Consequently, the average customer is now eligible for an interest rate of 5.25 percent, an increase from the previous 5.00 percent.
During this period, the bank has raised the interest rate on FDs spanning from 46 to 179 days by 50 basis points. Accordingly, it will offer 6.25 percent to the general public, up from 5.75 percent, and 6.25 percent to senior citizens, increased from 5.50 percent.
The bank has raised the interest rate on bulk FDs spanning from 180 to 210 days by 10 basis points. Consequently, it is now offering an interest rate of 6.60 percent for common consumers, up from 6.50 percent, and 7.10 percent for senior citizens, increased from 7.00 percent.
The bank has opted to raise the interest rate on its 1-2 year bulk FD scheme by 20 basis points. Consequently, it is now offering 7 percent interest rate to customers and 7.50 percent to senior citizens during this period.
