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Good news for SBI customers, the bank increased the interest on FD

Vivid News 24: Good news for State Bank of India clients. To relieve their clients’ financial burdens during the holiday season, banks have raised interest rates on fixed deposits (FDs). That is, customers will get more interest in SBI’s FD than before. According to reports, RBI has increased rates for all tenor FDs by 20 basis points. Less than Rs 2 crore in FDs (fixed deposits) will be subject to the increased interest rate. That is, common people are going to get benefit from this.

New interest rates effective from October 15

According to the bank’s website, this interest rate introduced on FD is applicable from October 15 Saturday. As a result of this increase in interest, the bank increased the interest rate on FD after 2 consecutive months. The bank’s website says the FD interest rate has increased by 10 basis points (bps) to 20 bps.

How much did the interest rate increase?

Between 7 and 45 days, SBI raised the interest rate on FDs from 2.90 percent to 3 percent. Similarly, the interest rate on FDs with maturities of 46 days to 179 days has increased from 3.90 percent to 4 percent. The interest rate has increased to 4.65 percent for FDs from 180 days to 210 days. For FDs with maturities between 211 days and less than a year, the interest rate has gone up from 4.60 percent to 4.70 percent.

Again the interest rate of SBI FD has been increased from 5.45 percent to 5.60 percent for tenors less than 1 year to 2 years. Thus the interest rate has been increased from 5.50 percent to 5.65 percent for 2 to 3-year FD. The interest rate on FDs has once more gone hiked, from 5.60 percent to 5.80 percent for terms of 3 to 5 years. The new interest rate on FDs from more than 5 years to 10 years is 5.85 percent.

Vishnu Soni
Vishnu Soni
I am working at NewsMarkets24 Network for the last several years, I learn a lot of things here like News editing, News writing, and how to manage my team to maintain our goals. My job does not only give me experience but also helps to shape my person for success.
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