After two months, the State Bank of India (SBI) has raised interest rates on select fixed deposits (FDs) by up to 25 basis points(bps). According to the SBI website, the increase in FD interest rates ranges from 5 basis points to 25 basis points. The increased FD interest rates go into effect on February 15, 2023. The higher interest rates would be applicable to fixed deposits of up to Rs 2 crore.
Earlier, the bank had hiked interest rates on December 13, 2022 across select tenors by up to 65 bps.
SBI introduces new tenor of 400 days
SBI has also introduced a specific tenor scheme of “400 days” with an interest rate of 7.10%, effective from February 15, 2023. The said scheme will be valid till 31-Mar-2023.
How much return will you get on SBI FDs below Rs 2 crore?
The bank has hiked the interest rate on deposits maturing between 1 year to less than 2 year to 6.80 percent from 6.75 percent which is 5 basis points hike for regular citizens.
SBI raised the interest rate on tenure of 2 years to less than 3 years to 7 percent from 6.75 percent which is 25 basis points increase. The interest rate on FDs maturing in 3 years to less than 10 years has been hiked from 6.25 percent to 6.50 percent.
The bank has hiked the interest rate on deposits maturing between 1 year to less than 2 year to 7.25 percent from 7.30 percent which is 5 basis points hike for regular citizens.
