The country’s largest lender State Bank of India has increased interest rates on wholesale by 20-40 basis points. Fixed deposit (FD) of more than 2 Corps with effect from March 10, 2022.
SBI website says bank has increased interest rate on FDs of higher value 2 crore with terms ranging from 211 days to less than 356 days by 20 basis points.
From March 10 this year, these FDs will now increase from 3.10% to 3.30%. Senior citizens will earn 3.80%, increasing from 3.60%.
The bank says the rates have been increased by 40 basis points from 3.10% to 3.60% for tenures ranging from 1 year to 10 years. Senior citizens will earn 3.60% to 4.10%.
SBI said the revised interest rates will now be applicable on fresh deposits as well as renewal of mature deposits. NRO fixed deposit interest rates will be matched with domestic fixed deposit interest rates.
These interest rates will also be applicable to domestic fixed deposits held by co-operative banks.
FD Interest Rates: Below 2 crore
According to SBI’s website, the interest rate has been increased by 10 basis points to 5.20 per cent for FD tenors from two years to less than three years, by 15 basis points to 5.45 per cent for tenures from three years to less than five years.
For FD tenors of five years and up to 10 years, the interest rate has been increased by 10 basis points to 5.50% with effect from February 15 this year.
Also, the premature penalty for bulk fixed deposits for all tenors will be 1%. This will be applicable on all new deposits as well as renewals, says SBI.
Penalty for premature withdrawal of Fixed Deposit is not reduced or waived at the discretion of the Bank.
FD Interest Rates for Senior Citizens
Senior citizens will get an additional rate of 0.50% over and above the normal rate for all tenures. Senior citizens will now get an interest rate of 3.5% to 4.10 per cent on deposits maturing in seven days to 10 years after the latest revision.
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