The bank has increased the interest rate on deposited money. This increase has been made on retail deposits (up to Rs 2 crore) and bulk deposits (more than Rs 2 crore). SBI’s new FD rates are effective from May 15, 2024.
SBI Bank Account: If you are a customer of the country’s largest government bank – State Bank of India (SBI), then this news is useful for you. Actually, the bank has increased the interest rate on deposited money. This increase has been made on retail deposits (up to Rs 2 crore) and bulk deposits (more than Rs 2 crore). SBI’s new FD rates are effective from May 15, 2024.
What interest rate for what period?
The bank has increased its FD interest rates by 75 basis points (bps) on deposits maturing between 46 days to 179 days. This interest rate has increased from 4.75% to 5.50%. For senior citizens, the bank has increased the interest rate on deposits of the same tenure from 5.25% to 6%. SBI has increased the interest rate by 25 bps from 5.75% to 6% for general citizens on tenure from 180 days to 210 days. Similarly, the bank has increased FD interest rates for tenures ranging from 211 days to less than 1 year from 6% to 6.25% for general citizens, from 6.50% to 6.75% for senior citizens.
Bulk Deposit Interest Rate
The bank has increased interest rates on bulk deposits for tenures of 7 to 45 days by 25 basis points, taking the rate for general citizens from 5% to 5.25%. For senior citizens, the bank has increased the rate from 5.50% to 5.75% on the same tenure. The bank has increased interest rates by 50 bps from 5.75% to 6.25% for general citizens with a tenure of 46 days to 179 days.
The bank has increased the rate for senior citizens from 6.25% to 6.75% for the same tenure. The bank has increased the rate by 10 bps from 6.50% to 6.60% for general citizens and from 7% to 7.10% for senior citizens on tenure from 180 days to 210 days.
