The country’s largest lender State Bank of India (SBI) has announced a hike in FD interest rates. The bank has increased the interest rate on FDs of more than one year and less than two years.
If your account is in the country’s largest bank State Bank of India ie SBI, then there is good news for you. In fact, SBI has announced to increase the interest rates of fixed deposits ie FD on Saturday. Recently, HDFC Bank of the private sector also increased the interest rates of FD.
Rates have increased on fixed deposits of this period
According to the SBI website, the bank has increased the interest rate on fixed deposits of one year or more and less than two years. The bank has increased the rate of interest on FDs of this period by 10 basis points i.e. 0.10 percent. Now SBI will pay 5.1 percent interest instead of 5 percent on fixed deposits maturing in one year or more and less than two years.
New rates effective from January 15, 2022 The new rates have
become effective from Saturday (January 15, 2022). These rates of interest are for FDs of less than Rs 2 crore. At the same time, on FDs of one year or more and less than two years, senior citizens will now get 5.6 percent more instead of 5.50 percent. The special thing is that the bank has not made any change in the interest rate of other term FDs.
SBI FD new rates for non-senior citizens-
Tenure Existing Interest Rates New Interest Rates
7 days to 45 days 2.9% 2.9%
46 days to 179 days 3.9% 3.9%
180 days to 210 days 4.4% 4.4%
211 days or more but less than 1 year 4.4% 4.4 %
1 year or more but less than two years 5% 5.1%
2 years or more but less than 3 years 5.1% 5.1%
3 years or more but less than 5 years 5.3% 5.3%
5 years or more but less than 10 years 5.4% 5.4%