If you want to make more money by putting your savings in Fixed Deposit, here’s good news for you.
The biggest private bank in the country, State Bank of India (SBI), has raised the interest rates on FDs under Rs 2 crore.
The new rates will start from December 27, 2023, according to the information on the bank’s official website.
SBI increased FD rates
After this increase, SBI raised the interest rates on FDs of 7 days to 45 days to 3.50%, on FDs of 46 days to 179 days to 4.75%,
on FDs of 180 days to 210 days to 5.75%, on FDs of 211 days to less than 1 year to 6%, and on FDs of 3 years to 5 years to 6.75%.
Now customers will get this much interest on FD
After the increase, customers will get 3.50% on FD of 7 days to 45 days, 4.75% on FD of 46 days to 179 days,
5.75% on FD of 180 days to 210 days, 6% on FDs from 211 days to less than 1 year, 6.80% on FDs from 1 year to 2 years,
7% on FDs from 2 years to less than 3 years, and 6.75% interest on FDs from 3 years to 5 years.
For FDs of less than 5 years, 6.50% interest will be given, and for FDs of 5 years to 10 years, 6.50% interest will be given.
Senior citizens will get additional 50 basis points interest
After the interest rate increase, State Bank of India will give an additional 50 basis points interest rate to senior citizens.
This means SBI will now give 4% to 7.50% interest to senior citizens on FDs ranging from 7 days to 10 years. It’s worth mentioning that SBI had changed its FD rates in February.
