One of the oldest and largest banks of India, SBI (State Bank of India) has increased their long term interest rates for FDs by 0.15% starting from February 15, 2022.
The interest rate on FD for 3 years to less than 5 years is increased to 5.45% from 5.30%. For senior citizens, the interest rate went up to 5.95% from 5.80%, according to the information given on the SBI website.
The interest rate on FD for 2 years to less than 10 years is increased to 5.20% from 5.10%. For senior citizens, it is increased to 5.70% from 5.60%.
Check the full table here:
For 5 years to 10 years tenure, the rates increase to 5.50% from 5.40%. For senior citizens, it is increased to 6.30% from 6.20%.
All these rates are applicable for FDs that are less than 2 crores. SBI didn’t change the interest rate on FDs that have less than 2 years of tenure.
So, if you are about to be a senior citizen, then the best plan to secure your FD with a good interest rate is between 5 years to 10 years. If you are not turning into a senior citizen soon, the 5 years to 10 years interest rate remain the highest among all.
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