State Bank of India (SBI) has recently enhanced the interest rates on Fixed Deposits (FDs) for certain durations, benefitting millions of its customers. Effective from June 15, 2024, the new rates apply to FDs up to Rs 3 crore.
Enhanced FD Rates
SBI has raised the interest rates on FDs with periods ranging from 180 days to 210 days and from 211 days to less than a year by 0.25 percent.These changes apply to deposits up to Rs 3 crore and came into effect from June 15, 2024.
Considerations for Income Tax Regime
Are you wondering which income tax regime—old or new—suits you better? Expert advice can help you make an informed decision.
Revised Limits and Applicability
Under the new rules from the Reserve Bank of India (RBI), SBI has extended these rates to FDs up to Rs 3 crore, up from the previous limit of Rs 2 crore.
Updated FD Rates
Here are the updated FD rates for different durations (for general public and senior citizens):
7 days to 45 days: General public – 3.50%, Senior citizens – 4%
46 days to 179 days: General public – 5.50%, Senior citizens – 6%
180 days to 210 days: General public – 6.25%, Senior citizens – 6.75%
211 days to less than 1 year: General public – 6.50%, Senior citizens – 7%
Choosing Between the Old and New Income Tax Regime: Expert Insights
To help you decide which income tax regime suits you better, consult with experts who can provide detailed guidance tailored to your financial situation.
With these changes, customers may wonder which income tax regime—old or new—is more beneficial. Experts suggest evaluating your tax liability and financial goals to make an informed decision.
These adjustments by SBI aim to benefit its millions of customers by offering more attractive returns on their deposits.
