There is good news for depositors as State Bank of India (SBI) has increased interest rates on wholesale fixed deposits by 25 bps to a maximum of 75 bps. 2 crores and above. SBI’s bulk FDs earn general category customers as high as 6.75%, while senior citizens enjoy a maximum rate of up to 7.25%.
The interest rates vary from tenure to tenure.
normal range:
Offered at a maximum increment of 75 bps FD Tenure of 2 years to less than 3 years from previous 5.75% to 6.50%.
Whereas State Bank Of India Increases the interest rate by 50 bps for 5 years and up to 10 years from the previous 5.5% to 6%. Similarly, a hike of 50 bps is given from the previous rate of 5.75% to 6.25% on 211 days for tenors less than 1 year.
On tenors of 180 days to 210 days, the rate has been increased by 50 bps to 6% from the previous 5.5%.
Also, from 46 days to 179 days, the rate has been increased to 5.50% from the previous 5%; and for tenors of 7 days to 45 days from 4.25% earlier to 4.75%.
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