SBI FD rate increase: Depositors to get as high as 7.60 per cent RoI

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India’s largest government bank,  the State Bank of India SBI, has given a big gift to its customers. The bank has increased interest rates on FDs. It has announced new interest rates. According to the information provided on the bank’s website, the new interest rates have come into effect from Wednesday, May 15, 2024.

Senior citizens will receive higher interest rates. It is noteworthy that SBI offers its customers a minimum of 7 days FDs and maximum of 10 years. The lender offers different interest rates for different durations. Not only that, the bank also offers up to 0.50 percent extra interest to senior citizens compared to ordinary citizens. This time, the bank has increased the interest rates on FDs of less than Rs 2 crore by up to 0.75 percent.

Check out SBI’s new interest rates:

For FDs with a duration of 7 to 45 days, the bank is offering 3.5 percent interest to ordinary citizens and 4 percent interest to senior citizens.

For FDs with a duration of 46 to 179 days, ordinary citizens will get 5.5 percent interest and senior citizens will get 6 percent interest.

For FDs with a duration of 180 to 210 days, 6 percent interest is being offered, while senior citizens are being offered 6.5 percent interest.

For term deposits with a duration of more than 211 days but less than 1 year, 6.25 percent interest will be given, while senior citizens will get 6.75 percent interest.

For FDs of more than 1 year but less than 2 years, interest will be given at a rate of 6.8 percent, while senior citizens will get 7.3 percent interest.

For FDs with a duration of more than 2 years but less than 3 years, 7 percent interest will be given, while senior citizens will be offered 7.5 percent interest.

For term deposits with a duration of more than 3 years but less than 5 years, 6.75 percent interest will be given, while senior citizens will be offered 7.25 percent interest.

For FDs with a duration of 5 to 10 years, 6.5 percent interest will be given, while senior citizens will be offered 7.50 percent interest.

On specific tenor scheme of 400 days, general citizens can get rate of interest of 7.10 per cent under the Amrit Kalash fixed deposit scheme. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme is valid till September 30, 2024.