There is good news for the customers of the country’s largest bank State Bank of India (SBI). The bank has now decided to pay more interest on fixed deposits (SBI FD Rate Hike).
The increased interest rates have become effective from June 14. SBI has changed the interest rates on fixed deposits maturing in less than Rs 2 crore and maturing in 211 days to 3 years.
There has been no change in the interest rates of the bank’s fixed deposits maturing in the period from 7 days to 210. State Bank of India will pay interest at the rate of 2.90 percent per annum on fixed deposits of 7 days to 45 days. Now customers will get interest at the rate of 3.90 percent on FDs maturing in 46 days to 179 days. Similarly, the interest rate on fixed deposits maturing in 180 days to 210 days will be 4.40 percent as before.
SBI Fixed Deposit Rates Highlights 2023
|Highest slab rate||7.10% p.a. (for 400 days)|
|For 1 year||6.80% p.a.|
|For 2 year||7.00% p.a.|
|For 3 year||6.50% p.a.|
|For 4 year||6.50% p.a.|
|For 5 year||6.50% p.a.|
|Tax-Saving FD||6.50% p.a.|
Increase of 15 to 20 basis points
According to a report in Live Mint, the bank has increased the interest rates for fixed deposits maturing in 211 days to less than one year by 20 basis points from 4.40 percent to 4.60 percent. . Similarly, the bank has also increased the interest of FDs with a period of less than one year to two years. Earlier, where the bank was giving interest at the rate of 5.10 per cent per annum to the customers, now 5.30 per cent interest will be available.
The bank has increased the interest of fixed deposits maturing in two to three years by 15 basis points. Earlier, where the bank was paying 5.20 percent interest on FDs of this period, now 5.35 percent interest will be given. The bank has not made any change in the interest rates of fixed deposits maturing in less than three to five years and still customers will continue to get interest at the annual rate of 5.45 percent. Similarly, there is no increase in the interest rates of FDs with a period of five to ten years and the bank will continue to pay interest at the rate of 5.50 per cent.