Guwahati: State Bank of India (SBI), the largest lender in India, has announced a 20 basis point increase in interest rates on fixed deposits (FDs) under Rs 2 crore. On October 15, 2022, the new rates will go into effect, according to the SBI website. All fixed deposit interest rates have increased by the bank. Interest rates for customers range from 3% to 5.85%. Additionally, seniors will receive additional interest above the standard interest rate.
SBI Rate of interest for FDs under Rs 2 crore
Fixed-rate deposits (FDs) with maturities ranging from 7 to 45 days now carry interest rates of 3% for the general public and 3.5% for senior citizens, according to the bank. After the hike, the general public will now receive 4% on FDs with a maturity term of 46 to 179 days, while senior citizens will earn 4.50%. FDs with maturities between 180 and 210 days now have interest rates of 4.65 percent and 5.15 percent, respectively.
The interest rate on deposits with a maturity of three years to less than five years for the general public has increased from 5.60% to 5.80%, and it has climbed from 6.10% to 6.30% for senior citizens. The bank increased the interest rate to 5.85 percent from 5.65 percent for the general public and to 6.65 percent from 6.45 percent for seniors for loans with a duration of five years or more.