State Bank of India (SBI), the largest public sector bank, has recently increased the interest rates on Fixed Deposits (FDs) for different tenures, with the maximum increase being 75 basis points. This change applies to FDs below Rs 2 crore, effective May 15, 2024. The revised interest rates are now at an all-time high, providing relief and higher returns to customers who choose to keep their money in the bank.
- The interest rate has been raised from 4.75% to 5.50% for deposits ranging from 46 to 179 days, and senior citizens will receive interest at a rate of 5.25% to 6%.
- Deposits from 180 days to 210 days will now yield a 6% interest rate for general citizens and 6.50% for senior citizens, while deposits from 211 days to less than a year will offer 6.25% for regular citizens and 6.75% for senior citizens.
- To illustrate the impact of these changes, let’s consider a deposit of Rs. 1 lakh. For a tenure of 46-179 days, a regular citizen will earn Rs. 2,540 in interest, while a senior citizen will earn Rs. 2,770 at an interest rate of 6%.
- For a tenure of 180-210 days, a regular citizen will earn Rs. 3,262 in interest, and a senior citizen will earn Rs. 3,536 at an interest rate of 6% and 6.50%, respectively.
- Lastly, for a tenure of 211 days to one year, a regular citizen will earn Rs. 5,980 in interest, and a senior citizen will earn Rs. 6,461 at an interest rate of 6.25% and 6.75%, respectively.
Advised to visit the State Bank Of India Official Website to get complete fixed deposit interest rates with schemes.
