If you are a customer of State Bank of India (SBI), the country’s largest government bank, this news is useful for you. In fact, the bank has increased the interest rate on the deposited money. The increase has been made on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore). SBI’s new FD rates will be effective from May 15, 2024.
Interest rate for which period?
The bank has increased its FD interest rate by 75 basis points (bps) on deposits maturing between 46 days and 179 days. This interest rate has increased from 4.75% to 5.50%. For senior citizens, the bank has increased the interest rate on deposits of the same tenure from 5.25% to 6%. SBI has increased the interest rate for general citizens by 25 bps from 5.75% to 6% on tenor from 180 days to 210 days. Similarly, the bank has increased FD interest rates from 6% to 6.25% for general citizens, from 6.50% to 6.75% for senior citizens for tenures ranging from 211 days to less than 1 year.
Bulk Deposit Interest Rate
The bank has increased the interest rate on bulk deposits for tenors of 7 to 45 days by 25 basis points, taking the rate for general citizens from 5% to 5.25%. For senior citizens, the bank has increased the rate from 5.50% to 5.75% in the same tenure. The bank has increased the interest rate for general citizens by 50 bps from 5.75% to 6.25% with tenor from 46 days to 179 days.
The bank has increased the rate for senior citizens from 6.25% to 6.75% for the same tenure. The bank has increased rates by 10 bps from 6.50% to 6.60% for general citizens and from 7% to 7.10% for senior citizens on tenors of 180 days to 210 days.