New Delhi: In the country’s largest bank SBI, customers are getting bumper interest on FD. This facility is being provided by the bank, SBI pensioners. Pensioners can now get 7.65% interest on FDs with tenures of 5 to 10 years. Explain that SBI gives 1% additional FD interest to its employees and pensioners. The bank has increased the interest rates on fixed deposits i.e. FDs by up to 20 basis points.
This increase has been made for all tenures. The new interest rates will be applicable on FDs below Rs 2 crore. According to the bank’s website, the increased rates will be applicable from October 15, 2022. The bank has increased the interest rates on retail term deposits after a gap of two months. FD interest rates have been increased by 10 to 20 basis points.
Know who will get the benefit
After the revision of FD rates from October 15, the interest rate on FDs of 5 years and above for senior citizens has increased to 6.65%. This means SBI pensioners can get 7.65% (6.65% + 1%) interest on deposits of 5 years and above. It is offering interest at the rate of 3.00% to 5.85% for the general public and 3.50% and 6.65% for senior citizens.
What are the bank’s new rates?
SBI has increased the interest rate on FDs from 7 days to 45 days from 2.90 percent to 3 percent.
Similarly, it has been reduced to four percent for a period of 46 days to 179 days. Earlier it was 3.90 percent.
Interest has increased from 4.55 percent to 4.65 percent for a period of 180 to 210 days.
The bank has reduced the interest rate on FDs from 211 days to less than one year to 4.70 percent. Earlier it was 4.60 percent.
Similarly, between 1 year and less than 2 years, it has increased from 5.45 percent to 5.60 percent.
Between 2 years and less than 3 years, now 5.65 percent interest will be available instead of 5.50 percent.
Between 3 years and less than 5 years, its rate has increased from 5.60 percent to 5.80 percent.
FD has been increased from 5.65 percent to 5.85 percent on tenures ranging from 5 years to 10 years.
SBI Wecare Deposit
SBI will extend the validity period of its Vacare Senior Citizen Term Deposit scheme till March 31, 2023, next year. Senior citizens get 30 basis points of additional premium interest on deposits for a period of five years or more. Retail term deposits of less than five years will get 0.50 percent more interest than ordinary citizens. At the same time, senior citizens will get 0.80 percent (0.50 +0.30) more interest on retail term deposits of more than five years.
