SBI FD, RD Interest Rate Hike: The State Bank of India is on a spree to spread good news to its account holders who deposit money at the bank. The public lender has recently hiked interest rates on its fixed deposit and recurring deposit policies. SBI fixed deposit interest rates have been hiked for both short-term and long-term tenures.
SBI FD Interest Rate Hike
The State Bank of India, which is the largest public lender in the country, announced on its website that the new rates of interest for its FDs will be applicable for deposits below Rs 2 crore. This has to be done for deposits with a tenure of seven days to 10 years. The rates have been hiked by 10 basis points or 0.10 per cent, the bank has said. The new rates came into effect from January 22, Saturday, as per the bank’s website.
The SBI FD interest rate hike move comes close in heels with that of the HDFC Bank, Axis Bank, ICICI Bank and Canara. This also signals that banks are slowly giving into the trend of hiking interest rates on fixed deposits.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the State Bank of India from January 20, 2022:
7 days to 45 days: For General Public – 2.90 per cent; For Senior Cittizens – 3.40 per cent
46 days to 179 days: For General Public – 3.90 per cent For Senior Cittizens – 4.40 per cent
180 days to 210 days: For General Public – 4.40 per cent For Senior Cittizens – 4.90 per cent
211 days to less than 1 year: For General Public – 4.40 per cent For Senior Cittizens – 4.90 per cent
1 year to less than 2 years: For General Public – 5.10 per cent For Senior Cittizens – 5.60 per cent
2 years to less than 3 years: For General Public – 5.10 per cent For Senior Cittizens – 5.60 per cent
3 years to less than 5 years: For General Public – 5.30 per cent For Senior Cittizens – 5.80 per cent
5 years and up to 10 years: For General Public – 5.40 per cent For Senior Cittizens – 6.20 per cent
State Bank of India Recurring Deposit Interest Hike
State Bank of India RD interest rates varies between 5.1 per cent-5.4 per cent for the general public and an additional interest rate hike of 50 basis points for senior citizens. These rates are effective from January 15, 2022. In the SBI RD account, customers are required to make monthly deposits of a minimum of Rs 100 and in multiples of Rs 10. There is no maximum limit on the deposits.
Here are the revised interest rates on recurring deposits below at the State Bank of India from January 15, 2022:
Recurring Deposit maturing in 1 year to less than 2 years: 5.1 per cent interest rate
Recurring Deposit maturing in 2 years to less than 3 years: 5.1 per cent interest rate
Recurring Deposit maturing in 3 years to less than 5 years: 5.3 per cent interest rate
Recurring Deposit maturing in 5 years and up to 10 years: 5.4 per cent interest rate
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