look news india
SBI Special FD Rates: State Bank of India (SBI) has increased the interest rates of its special FD scheme. The revised interest rates will benefit retail investors and wholesale investors. After the interest hike, this scheme provides investors with more interest in a shorter period of time. SBI Special FD interest rate revision will be effective from May 15, 2024.
According to the website of the largest public sector bank, the FD scheme is called SBI Optimum Term Deposit, which was launched only last year. This scheme was launched to provide more benefits to investors. Now with the increase in interest, depositors will get more returns than regular FD rates.
How much did the bank increase the interest?
State Bank of India has increased the deposit interest under the Best FD scheme by 75 bps. Now under the SBI Best FD scheme, the bank is giving 7.4 percent interest for a period of two years. While the Best FD interest for a period of one year is 7.10 percent.
How much benefit do senior citizens get?
Senior citizens are offered 50 basis points more interest under the best fixed deposit scheme than general investors. Under this scheme, senior citizens will get 7.9 percent interest for a period of 2 years (730 days). Whereas senior citizens will be given 7.6 percent interest for a period of one year.
If you invest Rs. 2 crore or more in this scheme, under this FD scheme, common citizens will get 7.30 percent interest for a period of one year and 7.40 percent interest for a period of 2 years. Senior citizens will get 7.80 percent interest for a period of 1 year and 7.90 percent interest for a period of 2 years.
