SBI Interest Rates: The interest rate on deposits of less than 10 crores remains at 2.70 percent. The change in the interest rate by the bank has been implemented from 15 October 2022.
State Bank of India (SBI), the largest public sector bank in the country, has given great news to the customers before Diwali. The bank has announced to increase the interest on savings account by 30 basis points (0.30% per cent). The benefit of the increased interest rate will be available on an amount of Rs 10 crore or more.
There is currently no change in the interest rate on deposits of less than Rs 10 crore. It is expected that the interest rate on small deposits can also be increased by the bank in the coming time.
Let us tell you that the rule came into force from 15 October 2022, the interest rate on deposits of less than 10 crores remains at 2.70 percent. The change in the interest rate by the bank has been implemented from 15 October 2022. Actually, the decision to increase the interest rate on behalf of the bank is being taken after increasing the repo rate by the RBI. The repo rate has been increased by 1.90 percent in four times by the Reserve Bank. Due to this, banks are getting expensive loans from RBI.
The interest rate of the loan is also being increased by the banks due to the increase in the interest rate of the loan. Earlier, State Bank of India (SBI) and Federal Bank have increased the Marginal Cost Based Lending Rate (MCLR) by up to 25 basis points for various tenor loans. SBI had increased the MCLR in June, July and August.
The bank had also increased the interest rate on Fixed Deposit (FD Interest Rates) last days. SBI has increased FD interest rates by 20 basis points for all tenors. The new interest rates have been implemented on fixed deposits of less than Rs 2 crore.
