PERSONAL FINANCE
State Bank raises recurring deposit interest rates, offering improved returns.
SBI news: State Bank of India (SBI), the largest public sector bank in the country, has raised the interest rates on many of its deposit schemes, including its recurring deposit (RD) scheme. The new interest rates came into effect on February 15, 2023. The minimum investment amount for an RD account with SBI is just Rs. 100, and the scheme offers tenures ranging from 12 months to 10 years.
SBI is offering interest rates ranging from 6.5 per cent to 7 per cent on its RD scheme for general customers, and senior citizens are being offered an additional 50 basis points in interest rate. After the latest hike, the interest rates that general customers will receive on their RD schemes for various tenures are:
• RD for 1-2 years - 6.80 per cent
• RD for 2-3 years - 7.00 per cent
• RD for 3-5 years - 6.5 per cent
• RD for 5-10 years - 6.5 per cent
SBI has also increased the interest rates on its fixed deposit (FD) scheme. The bank is offering FDs ranging from 7 days to 10 years with interest rates of 3.00 per cent to 6.50 per cent for general citizens and 3.50 per cent to 7.25 per cent for senior citizens. SBI is offering an interest rate of 6.80 per cent on FDs up to Rs. 2 crore for a tenure of 1 to 2 years. The bank is offering 6.50 per cent interest rate on FDs of 2 to 3 years, 3 to 5 years, and 5 to 10 years for general citizens, with senior citizens receiving an additional 0.50 per cent on each tenure.
SBI has also released a 400-day special FD scheme with an interest rate of 7.10 per cent for general customers until March 31, 2023. SBI has increased the interest rates on FDs of more than Rs. 2 crore by 25 to 75 basis points.
The Reserve Bank of India (RBI) has increased its interest rates several times in a row since May last year, with a total of 6 hikes until now. After the latest RBI repo rate hike on February 8, 2023, the repo rate increased by 25 basis points to reach 6.50 per cent. As a result, many banks have increased the interest rates on their loans and deposits.
Read more: Term plan tips: How to choose the right plan for long-term benefits
Watch: Australia star inquires Rishabh Pant about his next IPL team, gets 2-word reply
Shah Rukh Khan’s house Mannat was first offered to his industry rival…, but he refused because...
The Visionary Who Promises a Blue Sky for India: Holger Thorsten Schubart’s G20 Climate Speech
The Surge of High-End Living: Luxury Residential Market to Outpace Other Segments
FeFCon 2024 to be Held in Bangalore: A Premier Event on Fever Management
London Airport evacuates passengers over security threat, thousands stranded
The World’s First Innovative Iron Supplement to Combat Iron Deficiency and Anaemia
Meet grandmother who became fashion icon after trying on her granddaughter’s clothes
IND vs AUS: Rishabh Pant joins Virat Kohli, Rohit Sharma in elite WTC list, becomes 3rd Indian to...
'All scripted drama...': Puneet Superstar allegedly assaulted by influencers in viral video, watch
Actress Ana de Armas caught kissing Cuban President Miguel Díaz-Canel’s son in viral photos
Oreshnik's Shadow: Will Russia's hypersonic missile force west to back down?
‘You’re So Beautiful’: World’s tallest woman meets world’s shortest woman over tea, pics go viral
Delhi-NCR Air Pollution: Consequences of GRAP-4 are drastic, may have adverse effects, says SC
Delhi-NCR Air Pollution: Schools likely to stay closed till..., check city-wise update
Maharashtra: 3 killed, 9 hospitalised after gas leak at fertiliser plant in Sangli
THIS farm is selling a cup of coffee for Rs 28000, but there's a twist, it is...
Chhattisgarh: 10 Maoists killed after encounter with security personnel in Sukma
Mukesh Ambani's SUPERHIT plan for Jio users, offers unlimited 5G access for 1 year for just Rs...
IND vs AUS 1st Test: KL Rahul's dismissal sparks DRS controversy in Perth Test
Dense fog, heavy rain predicted in these states till November 25; check here
Oreshnik Hypersonic Missile: Which nations are within its range?
Bihar teacher, principal reach school in drunken state; know what happened next
'I have faced a lot of...': Arjun Kapoor REVEALS his biggest fear amid break up with Malaika Arora
How millions of Indians may get affected due to US indictment of Gautam Adani in bribery case
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan says 'missing someone is okay but...'
After Bibles, watches and sneakers, Donald Trump is now selling autographed guitars, price is...
Delhi pollution: Air quality improves to ‘very poor’ category, AQI at...
Vladimir Putin's BIG threat, warns he could strike UK with new ballistic missile if...
Shillong Teer Results TODAY November 22, 2024 Live Updates: Check winning numbers here
Somebody misbehaved with Alia Bhatt on Highway sets then Imtiaz Ali had to...
Zomato CEO Deepinder Goyal reveals twist behind Rs 200000 job fee, closes application window
Days after Ratan Tata's demise, Tata Group's Rs 131000 crore company inks pact with ADB for...
WATCH: Woman makes Biryani with Parle-G biscuits, viral video fumes internet
Only train in India in which passengers can travel for FREE; check route, timings and more
'Justice for biryani': Parle-G biryani takes internet by storm, video goes viral
DNA TV Show: Why Gautam Adani charged with bribery and fraud in US
IND vs AUS: Records Virat Kohli can break during Border-Gavaskar Trophy
Diljit Dosanjh fans get angry over Ananya Panday's birthday post for her grandmother, here's why