India’s largest bank State Bank of India (SBI) has also joined the banks bandwagon that have raised the interest rates on fixed deposit (FD) tenures. According to the SBI website, for the fixed deposit tenure of 2 year to less than 3 years, interest rate has been increased by 10 basis points to 5.20 per cent, for 3 year to less than 5 year it has been hiked by 15 basis points to 5.45 per cent. For fixed deposit tenure of 5 years and up to 10 years, the interest rate has been increased by 10 basis points to 5.50 per cent. The new rates are applicable for fixed deposits worth less than Rs 2 crore.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the SBI from February 15, 2022:
7 days to 14 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
15 days to 29 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
30 days to 45 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
46 days to 60 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
61 days to 90 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
91 days to 120 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
6 months 1 days to 9 months: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
9 months 1 day to less than a year: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
1 year: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
1 year 1 day to 2 years: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
2 years 1 day to 3 years: For General Public – 5.20 per cent; For Senior Citizens – 5.70 per cent
3 years 1 day to 5 years: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
5 years 1 day to 10 years: For General Public – 5.50 per cent; For Senior Citizens – 6.30 per cent
The revised interest rates will be applicable from 15 February, according to the Bank’s website. Meanwhile, interest rates on short-term fixed deposits have been unchanged. Fixed deposits that have a tenure of 1-2 years is at 5.10 per cent.
SBI Recurring Deposit (RD)
Also, SBI has increased interest rates on recurring deposits (RD). The rates are effective from February 15. You can open an RD with SBI for a minimum deposit of Rs 100. The RD account can be opened for a period that ranges between 12 months and 10 years. Just like fixed deposit (FD), senior citizens are offered an additional interest in all tenures.
SBI RD interest rates vary between 5.1 per cent-5.5 per cent for the general public and an additional interest rate hike of 50 basis points for senior citizens.
The interest rate on RD for tenure from one year to less than 2 years will fetch you 5.1 per cent. The interest rate on FD for tenure two years to less than three years has been increased by 10 basis points to 5.20 per cent from the earlier 5.10 per cent. For three years to less than five years tenure, the rate has been increased to 5.45 per cent. For five years to 10 years tenure, the interest rate has been increased to 5.50 per cent
SBI RD Rates Effective February 15, 2022
1 year to less than 2 years – 5.1 per cent
2 years to less than 3 years – 5.2 per cent
3 years to less than 5 years – 5.45 per cent
Last week, in a surprise move, the RBI’s monetary policy committee kept rates and its stance unchanged to ensure a broad-based recovery. The repo rate currently stands at 4 per cent and reverse repo rate at 3.35 per cent.
Following the MPC stance on key benchmark rates, HDFC Bank, Central Bank of India and UCO Bank have also revised interest rates on fixed deposits. The revised interest rates are applicable on fixed deposit investments worth up to Rs 2 crore. The rates are effective from February 14 for HDFC Bank and February 10 for Central Bank and UCO Bank.
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