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
