SBI Interest Rate Hike: Since the increase in policy rates by the Reserve Bank of India, the public and private sector banks of the country are increasing their loan interest rates and FD deposit interest rates.
With this step being taken by banks before Diwali, loans and EMIs on loans are getting expensive, which has a direct impact on the pockets of the people. However, the country’s largest public sector bank State Bank of India (SBI) has given a big relief to its customers on Tuesday. The bank has increased the savings account interest rates. The new rates increased by the bank have come into effect from October 15, 2022.
New rates applicable from October 15
According to the information received from the official website of SBI, the bank will now give interest at the rate of 30 bps or more on the savings deposited above Rs 10 crore. At the same time, no change has been made on savings deposited less than Rs 10 crore. On this interest will continue to be available at the rate of 2.70 percent as before.
Now 7 days to 10 years will get this much interest
Actually, SBI has taken this step after the increase in the repo rate of RBI. The bank will now give interest from 3 percent to 5.85 percent on FDs of 7 days to 10 years. Earlier, the bank was giving 2.90 percent to 5.65 percent interest on this. At the same time, senior citizens are offering interest from 3.5 percent to 6.65 percent on FD, whereas earlier these people used to get interest of 3.4 to 6.45.
Euro also increased FD interest rates
Apart from this, another bank has increased FD interest rates. Euro has increased the interest rates of FDs from 1 year to 4 years from 0.09 percent to 0.49 percent. At the same time, the interest rates for FDs of 4 years to 5 years have been kept constant.
