SBI revises FD rates; check new rates
State Bank of India (SBI) has announced a hike in interest rates on domestic bulk fixed deposits of Rs 2 crore and above. According to the official website of SBI, the new rates are applicable from today i.e. 10th May 2022. After this increase, SBI FDs with maturity from 46 days to 149 days will now pay 50 basis points (bps) more i.e. 3.5% interest. Now 3.50% will be given on FDs maturing in 180 days to 210 days. At the same time, FD maturities of more than 211 days, less than 1 year and more than 1 year to less than 2 years will get 3.75 and 4% interest respectively. However, deposits maturing in 7 days to 45 days will continue to pay 3% interest as the bank has not increased the interest on this bracket.
Know how much interest you will get
SBI has increased the interest rate on FDs maturing in one year to 4% from 3.6 per cent, which is an increase of 40 basis points. On deposits maturing in two years to less than three years, the bank is now paying interest at the rate of 4.25 per cent, which was 3.6 per cent earlier. The bank has increased the interest rate for general customers on deposits maturing in 3 years, less than 5 years and up to 5 years and 10 years, from 3.6 per cent to 4.5 per cent respectively.
Rules will apply to these customers
The revised rates of interest will be applicable on renewals of both fresh FDs and matured FDs. Senior citizens will be eligible to get an additional rate of 50 bps over and above the rates applicable to the general public.
SBI FD between 7 days to 10 years is giving interest from 2.9% to 5.5% to general customers. Senior citizens are getting 3.4% to 6.30% interest on these deposits. These rates are effective from 15 February 2022.
