Once, the State Bank of India (SBI) has given good news to crores of its customers. If you also have an account with the State Bank of India (SBI), then this news is of your use. The interest rate on FD interest rates has been increased by the bank once a time. According to the information updated on the bank's official portal, the state bank of India, the largest bank in the public sector, has increased the interest rate on deposits of Rs 2 crore and above.
The prices raised by the same bank have become effective from Tuesday, May 10. However, the bank has not increased the interest rate (7 to 45 D N) on short term fiscal. Banky has increased the base point interest by 50 basis points on FDs matched from 46 to 149 in D N. At the same time, 40 base points have been increased on deposits of more than one year and less than two years. The interest rate on deposits of more than 2 years and less than 3 years has been increased by 65 basis points. Similarly, the highest interest on FDs of 3 to 5 years and 5 to 10 years has been increased. Customers will now receive an interest of 4.5 per cent per annum on the FD of these two periods. Earlier, the interest rate was 3.6 per cent.
Let us know that after the sudden increase of 40 paise in the repo rate by the Reserve Bank of India (RBI) in the last few days, many banks have increased the interest rate. Last week, RBI Governor Shaktikanta Das suddenly announced to increase in the repo rate from 4 per cent to 4.40 per cent. The same interest rate benefit revised by SBI will be applicable to renewals of both new FDs and mature FDs. On behalf of the bank, the seine sector is given an additional interest of 50 basis points at the rate of interest of each item. It is worth mentioning that SBI is paying interest from 3 per cent to 5.5 per cent on FDs from 7 days to 10 years. Senior citizens are paying an annual interest of 3.5 per cent to 6 per cent on these deposits.