The largest Indian commercial bank, State Bank of India (SBI), has revised its fixed deposit (FD) interest rates in select maturity tenor.
The SBI said that the new FD rates have become applicable from January 8, 2021 on all retail FDs which are under Rs 2 crore. SBI has also increased the FD yield by 10 bps on Fixed Deposits for one year to less than two years. It is to be noted that the proposed SBI FD rates will be applicable on fresh deposits and renewed maturing deposits. You can check the new SBI FD on each tenor online at sbi.co.in.
SBI FD for 7 days to 45 days will give you 2.90 per cent return while SBI FD rate for 46 days to 179 days will yield 3.9 per cent returns. SBI FD interest rates for 180 days to 210 days and 211 days to less than 1 year will get 4.40 per cent interest.
SBI FD interest rate for a year to less than 2-year tenor will yield 4.90 per cent return and not 4.8 per cent.
SBI FD for 2 years to less than 3 years tenor will yield 5.10 per cent return per annum, SBI FD for 3 years to less than 5 years tenor will give you 5.30 per cent per annum return while SBI FD for 5 years and up to 10 years will attract 5.40 per cent per annum interest rate.
The State Bank of India declared on its official website that the fixed deposit for senior citizens will continue to yield 0.5 per cent more on each tenor.
In a separate development, the SBI has come up with some exciting offers for its borrowers in 2021. The largest lender in the country is providing attractive concessions for those who wish to buy their dream homes this year. As a significant benefit, the SBI announced a further interest concession of up to 30 basis points (bps) on home loans while also providing a 100 per cent waiver on the processing fees of the same.
