SBI FD Rates Increased: Jumping into the bandwagon, India’s largest public sector lender State Bank of India, has hiked its fixed deposit interest rates. The interest rates has been increased for bulk deposits of Rs 2 crore and above by the SBI. The new rates have already come into effect. After the latest revision, SBI FD interest rates for bulk deposits was increased by 40 basis points to as much as 90 basis points. The SBI FD rate hike comes a week after the Reserve Bank of India increased its key lending rate by 40 basis points to 4.40 per cent in an attempt to address the rising inflation in India.

The latest SBI FD interest rates have come into effect from May 10, the lender has said on its website. The maximum interest rate will be enjoyed by depositors who have or will open an FD account in the 5–10-year tenure and three years to less than 5 years’ tenure. There is an increase of 90 bps on these tenures, which has consequently made the interest rates on these deposits 4.50 per cent as against the rate of 3.60 per cent earlier, as per the bank’s website.

The revised interest rates will now apply to new deposits as well as renewals of maturing deposits, the SBI said. NRO term deposit interest rates will be matched with domestic term deposit interest rates.

Here are the revised interest rates on bulk fixed deposits of Rs 2 crore and above at the SBI from May 10, 2022:

7 days to 45 days: Old Rates For General Public – 3.00 per cent; New Rates For General Public – 3.00 per cent

46 days to 179 days: Old Rates For General Public – 3.00 per cent; New Rates For General Public – 3.50 per cent

180 days to 210 days: Old Rates  For General Public – 3.10 per cent; New Rates For General Public – 3.50 per cent

211 days to less than 1 year: Old Rates For General Public – 3.30 per cent; New Rates For General Public – 3.75 per cent

1 year to less than 2 years: Old Rates For General Public – 3.60 per cent; New Rates For General Public – 4.00 per cent

2 years to less than 3 years: Old Rates For General Public – 3.60 per cent; New Rates For General Public – 4.25 per cent

2 years to less than 5 years: Old Rates For General Public – 3.60 per cent; New Rates For General Public – 4.50 per cent

5 years and up to 10 years: Old Rates For General Public – 3.60 per cent; New Rates For General Public – 4.50 per cent

Several banks have been increasing their fixed deposit interest rates following the RBI’s announcement on May 4. Recently, Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda, ICICI Bank and Punjab National Bank raised their interest rates on fixed deposits across multiple tenor baskets for retail customers. The SBI FD interest rate hike also comes as a direct result of the RBI’s move.

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