SBI FD Rates Increased: Starting from March 10, the State Bank of India (SBI) has increased interest rates by 20-40 basis points on bulk fixed deposits (FDs) over Rs 2 core with effect from March 10, 2022. According to the SBI website, the bank has raised the interest rate on FDs worth more than Rs 2 crore with terms ranging from 211 days to less than a year by 20 basis points. With effect from March 10, 2022, these FDs will now earn 3.30 per cent, up from 3.10 per cent. Senior citizens will earn 3.80 per cent, up from 3.60 per cent.
With effect from 10 March this year, these FDs will now earn 3.30 per cent, up from 3.10 per cent. Senior citizens will earn 3.80 per cent, up from 3.60 per cent.
The bank says for tenures from 1 year and up to 10 years the rates have been increased by 40 basis points to 3.60 per cent from 3.10 per cent. Senior citizens will earn 4.10 per cent from 3.60 per cent.
The revised interest rates will now apply to new deposits as well as renewals of maturing deposits, the SBI said. NRO term deposit interest rates will be matched with domestic term deposit interest rates.
These interest rates will also apply to domestic term deposits held by cooperative banks. Also, premature penalties for bulk term deposits will be 1 per cent for all tenors. This will apply to all new deposits, as well as renewals, the SBI says. The penalty for premature withdrawal of a term deposit is not reduced or waived at the discretion of the bank.
According to the SBI website, for FD tenure of 2 year to less than 3 years, interest rate has been increased by 10 basis points to 5.20 per cent, for 3 year to less than 5 year it has been hiked by 15 basis points to 5.45 per cent. For FD tenure of 5 years and up to 10 years, the interest rate has been increased by 10 basis points to 5.50 per cent with effect from February 15, 2022.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the SBI from March 10, 2022:
7 days to 14 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
15 days to 29 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
30 days to 45 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
46 days to 60 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
61 days to 90 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
91 days to 120 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
6 months 1 days to 9 months: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
9 months 1 day to less than a year: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
1 year: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
1 year 1 day to 2 years: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
2 years 1 day to 3 years: For General Public – 5.20 per cent; For Senior Citizens – 5.70 per cent
3 years 1 day to 5 years: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
5 years 1 day to 10 years: For General Public – 5.50 per cent; For Senior Citizens – 6.30 per cent
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