look news india
State Bank of India, the country's largest government bank, has increased its fixed deposit interest rates. The bank has increased the interest rates on retail FDs up to Rs 2 crore. According to the bank's website, the new FD rates have come into effect from May 15, 2024. SBI has increased the interest rates on FDs of 46 to 179 days, 180 to 210 days and 211 to less than one year by 25-75 basis points. Before this, the bank had last increased FD interest rates on December 27, 2023.
State Bank offers interest based on different tenures of deposits. The bank is offering an interest rate of 3.50 percent on short term FDs of 7 days to 45 days. The interest rate on FD from 46 days to 179 days has increased to 5.50 percent. The bank is offering 6.00 percent interest rate on FDs of 180 days to 210 days and 6.25 percent interest rate on FDs of 211 days to less than one year.
Interest rate on FD of 5 to 10 years
The bank is offering interest at the rate of 6.80 percent on FDs of tenure of one year and less than two years. The interest rate on deposits of two years and less than three years is 7 percent. The bank is giving interest at the rate of 6.75 percent on FDs with tenure of 3 years and less than five years. The bank is offering interest at the rate of 6.50 percent on long term FDs ranging from five years to 10 years.
Returns will be available at the rate of 7.50 percent
The bank is offering an interest rate of 6.75 percent on FDs with tenures ranging from 211 days to less than one year. The interest rate on deposits from one year to less than two years is 7.30 percent, while the interest rate on deposits from two years to less than three years will be 7.50 percent. For FDs with a tenure of 3 years to less than five years, the interest rate is 7.25 percent and on long term FDs of 5 to 10 years, the bank is offering interest at the rate of 7.50 percent.
Interest rate for senior citizens
State Bank of India gives 50 basis points more interest than normal to senior citizens. After the increase in interest rates, SBI is offering 4 percent to 7.5 percent interest rate to senior citizens on FD of seven days to ten years. Especially the interest rate on deposits of 7 days to 45 days is 4 percent. The bank is offering 6.00 percent interest on FDs of 46 days to 179 days and 6.5 percent interest on FDs of 180 days to 210 days.