SBI Hikes FD Interest Rates; Check Out The New Rates Here
State Bank of India (SBI), the largest lender of the country, revised its fixed deposit (FD) interest rates on select maturities from today onwards, as mentioned on the bank’s official website, sbi.co.in. The rate of rise in SBI FD interest rates is between 0.05-0.10 per cent or 5-10 basis points.
One basis point is equivalent to 0.01 per cent. SBI has hiked its fixed deposit interest rates on deposits below Rs. 1 crore. SBI hiked its FD interest rates ahead of the fifth bi-monthly monetary policy review outcome on December 5.
Check fresh rates
According to the revised rates, the bank is now offering 6.80 per cent interest rate on those FDs which have a maturity period of one or two years, previously it was 6.7 per cent. The SBI FD interest rate with a maturity period of one or two years for senior citizens has also gone up to 7.30 per cent. The public lender has kept interest rate unchanged for FDs with other maturity tenures. Almost all banks both private and public offer FDs ranging from seven days of a maturity.
SBI FDs with a maturity of seven days to 45 days has been kept unchanged at 5.75 per cent; those with maturity periods between 46 days and 179 days have an FD interest rate fixed at 6.25 per cent. The interest rate on SBI FDs with a maturity of 180 days to 210 days also remains unchanged at 6.35%. Finally, the interest rate on SBI FDs with a maturity of 211 days remains fixed at 6.40 per cent.
For SBI FDs with higher maturity tenures from three years to less than five years and from five to 10 years, the interest rate remains fixed at 6.80 per cent and 6.85 per cent respectively. For senior citizens, the bank also offers 50 basis points or an additional 0.5 per cent interest rate for all fixed deposits across all its maturity tenures.
Those who have FDs with a minimum lock-in period of five years are eligible for tax benefits under Section 80C of the Income Tax Act. Banks, both public and private sector ones, have been increasing interest rates on FDs through the year. The likes of HDFC Bank, Axis Bank, Punjab National Bank, Bank of Baroda, IndusInd Bank and so on all have increased FD rates during the year.