New Delhi: After the increase in the repo rate by the RBI, banks have also started increasing interest rates. Apart from increasing the interest rate on loans, the interest rates on bank deposits have also started increasing. At the same time, 3 weeks before the end of the year, the country’s largest bank State Bank of India (SBI) has given New Year’s gifts to crores of customers. Actually, SBI has increased the interest rates on Fixed deposits ie FD.
According to the official website of State Bank, the bank has increased the interest rates for FDs of less than Rs 2 crore. The new rates have become effective from today i.e. December 13, 2022. Earlier, SBI revised the interest rates on fixed deposits on 22 October 2022.
SBI new FD rates for common citizens
7 to 45 days – 3%
46 to 179 days – 4.5 percent
180 to 210 days – 5.25%
211 days to less than a year – 5.75%
1 year to less than 2 years – 6.75%
From 2 years to less than 3 years – 6.75 percent
From 3 years to less than 5 years – 6.25 percent
5 years to 10 years – 6.25 percent
SBI new FD rates for senior citizens
7 to 45 days – 3.5%
46 to 179 days – 5%
180 to 210 days – 5.75%
211 days to less than a year – 6.25 percent
1 year to less than 2 years – 7.25%
From 2 years to less than 3 years – 7.25 percent
From 3 years to less than 5 years – 6.75%
5 years to 10 years – 7.25 percent
RBI has increased the repo rate 5 times this year
The Reserve Bank has increased the repo 5 times so far this year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7.
Many banks have increased the rates of fixed deposits
It is noteworthy that recently Indian Overseas Bank, Suryoday Small Finance Bank, Yes Bank, etc. have also increased their FD rates. This process of rate hikes started after the increase in repo rates by RBI.
