Meanwhile, State Bank of India (SBI) has decided to increase its fixed deposit ie FD rates by 25 basis points or 0.25 per cent. SBI has increased the interest on FDs up to Rs 2 crore. According to information received from SBI’s website, the revised rates of SBI on FDs have become effective from February 15, 2023.

What are the new FD rates of SBI

– 7 days to 45 days – 3%
46 days to 179 days – 4.5%
180 days to 210 days – 5.25%
211 days to less than 1 year – 5.75%
1 year to less than 2 years – 6.80%
2 years to less than 3 years – 7.00%
3 years to less than 5 years – 6.50%
5 years and up to 10 years – 6.50%

Increase in repo rate for the sixth time in a row

Let us tell you that on February 8, RBI has once again increased the repo rate by 25 basis points. This is the increase in the repo rate for the sixth consecutive time. After the monetary policy meeting, RBI Governor Shaktikanta Das said that the pressure of rising inflation across the world is also on India and to overcome it completely, it has become necessary to increase the loan interest rates once again. However, this time the repo rate is being increased by only 0.25 percent.

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There is news of work for 44 crore account holders of State Bank of India. State Bank of India is now offering higher interest rate on FD (SBI FD Rates) to its account holders. The bank has implemented its new rates from 13 August 2022. Let us tell you that SBI has decided to increase the interest rate on its FDs below Rs 2 crore. The bank has increased by 15 basis points on FDs of different tenors.

Generally, State Bank FD Rates Hiked is offering its customers an interest rate ranging from 2.90% to 5.65% on FDs ranging from 7 days to 10 years. On the other hand, senior citizens are being offered interest rates ranging from 3.40% to 6.45%. If you are also thinking of doing FD (FD Rates Hiked) in the bank, then we tell you how much interest rate is being available on FDs of different duration-

State Bank FD interest rate – (Deposit scheme of less than 2 crores)

• FD of 7 to 45 days – 2.90%
• FD of 46 to 179 days – 3.90%
• 180 days to 210 days FD – 4.55%
• 211 days to less than 1 year -4.60%
• 1 to 2 years – 5.45%
• 2 to 3 years – 5.60%
• 3 to 5 years -5.60%
• 5 to 10 years – 5.65%

Interest rate for senior citizens – (less than 2 crores)

• FD of 7 to 45 days – 3.40%
• FD of 46 to 179 days – 4.40%
• 180 days to 210 days FD-5.05%
• 211 days to less than 1 year-5.10%
• 1 to 2 years – 5.95%
• 2 to 3 years – 6.00%
• 3 to 5 years -6.10%
• 5 to 10 years – 6.45%

Repo rate increased to control inflation  
After the increase in the repo rate of RBI, many banks have increased their FD and savings bank account interest rates in the past. After the increase of 0.50 percent in the RBI Repo Rate, the repo rate is currently 5.40%. Earlier in the month of May and June also, the central bank has increased the repo rate. Since then, many banks have continuously increased their FD rates. To control inflation in the country, RBI has decided to increase the repo rate. Recently, banks like Axis Bank, IndusInd Bank etc. have increased their FD rates.

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