The State Bank of India has increased their interest rates by 20-40 basis points on FDs of more than Rs 2 crore. The new rates are applicable from 10 March 2022.
The website states that the bank increased the interest rate on FDs worth Rs 2 crore with terms ranging from 211 days to 356 days by 20 base points.
As per the latest updates, the FDs will earn 3.30% instead of 3.10% and senior citizens will earn 3.80% instead of 3.60%.
Another big announcement that the bank made is for FD tenures from 1 year to 10 years, the rates are increased by 40 base points from 3.10% to 3.60%. According to the bank, the senior citizens will earn 4.10% from 3.60%.
They further stated that the revised interest rates will be applicable for new deposits and for deposits that are going to be renewed after maturity. FDs that have a tenure of 2 – 3 years will now get an interest rate of 5.20% instead of 5.10% and for 3 – 5 years tenure, the interest rate is increased by 15 base points to 5.45%. For 5 – 10 years tenure, the interest rate is increased by 10 base points to 5.50%.
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