This information is helpful to you if you are a customer of State Bank of India (SBI). The interest rate has been raised by SBI once more. The bank has raised the interest rate by up to 75 basis points. Not every consumer will benefit from it, though. The bank started offering the new FD interest rate on May 15, 2024.
The bank’s newly adopted FD interest rate
would apply to amounts above Rs 2 crore. The interest rate on FDs maturing between 46 days and 179 days has raised by 75 basis points, per the bank’s website. From 4.75% before, it has jumped to 5.50%. Interest rates for senior folks will rise from 5.25% to 6% in the same period. For regular clients, SBI has raised the interest rate by 25 basis points, from 5.75% to 6%, with a duration of 210 days instead of 180. For ordinary clients, the bank has raised the rates on FDs with a duration of 211 days to less than a year from 6% to 6.25%, and for senior citizens, from 6.50% to 6.75%.
The bank has added 25 basis points to the interest rate
on bulk deposits made for terms ranging from 7 to 45 days. The fee for regular clients has gone up from 5% to 5.25% as a result. The bank has raised the interest rate for older persons from 5.50% to 5.75% for the same period. Interest rates on federal savings bonds maturing in 46 to 179 days will increase for regular citizens to 6.25% instead of 5.75%. For this period, the interest rate for senior citizens has been increased from 6.25% to 6.75%.
For regular customers, the bank has extended
the duration by 10 basis points, from 180 to 210 days. It has gone up from 6.50% to 6.60% and from 7% to 7.10% for elderly folks. For FDs with less than a year or two, the bank raised the interest rate by 20 basis points, from 6.80% to 7%. The bank upped the rate for regular consumers from 6.75% to 7% for tenures ranging from two years to less than three years. The interest rate for older persons has been raised by the bank from 7.25% to 7.50%.
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