You will now receive more interest in bank FDs. SBI, the biggest public sector bank in the nation, has announced a rise in the interest rates on fixed deposits for various terms. Beginning today, December 13, 2022, SBI will issue FDs an interest rate that is 65 basis points instead of 15 basis points.
Rise in interest on FDs:
The interest rates on fixed deposits up to Rs 2 crore have been raised by SBI. FDs with terms of 211 days to a year will now earn 5.75 per cent interest instead of the previous 5.50 per cent. On the other hand, FDs of one year to less than two years, which previously received 6.10 per cent interest, will now be eligible for 65 basis points extra, or 6.75 per cent interest. On less than two to three-year fixed deposits, which previously received 6.25 per cent interest, 6.75 per cent interest will be offered.
Also read: Looking for a loan against mutual funds? Here's a step-by-step guide on how to get one
On FDs with tenures of 3 to 5 years and 5 to 10 years, interest rates have only been increased by 15 basis points. On each of the periods' FDs, which previously offered 6.10 per cent interest, 6.25 per cent interest will now be paid. In other words, interest rates have only gone up by 15 basis points.
SBI Wecare Deposit interest rates also hiked:
The interest rates for SBI Wecare Deposit, a unique fixed deposit scheme for senior citizens, have been raised. Now, FDs with terms longer than five years but less than ten years will earn 7.25 per cent interest. In accordance with this scheme, senior citizens will also receive 50 basis points of additional interest, for a total increase of 1 per cent, in interest. The SBI Wecare Deposit scheme now runs until March 31, 2023.
