Here is some good news for all SBI customers. The largest public sector bank (PSU) has decided to increase its FC interest rates on Saturday. The bank has seen an increase in fixed deposits all over the country as it is coming out of the pandemic. Recently, HDFC bank had also announced a rise in interest rates, check the full story here.
SBI announced the new interest rates on FDs on their website. According to that, the interest rates have been increased for deposits ranging from a period of over one year to two years. New FD rates are introduced by 0.10%. Senior Citizens will get an interest rate of 5.6% which was 5.5% before.
Here are the new interest rates of SBI
Types of SBI FDs
SBI offers a variety of fixed deposits for their customers and each scheme has different benefits. Take a look at the varieties of FDs here.
- SBI Term Deposit
- SBI Tax Saving Scheme
- SBI Fixed Deposit Investment Plan
- SBI Annuity Deposit Scheme
- SBI Wecare
Recently along with SBI, HDFC Bank has also increased its FD rates slightly. This rise is a result of more and more people opting for FDs as compared to other investment opportunities. Since the pandemic began, there was a lot of ups and downs in the market and hence many people withdrew their money from other investments like mutual funds, stocks etc. FDs have always been the safest investment option although the rates have been drastically hit since 2020, yet people choose it.
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