State Bank of India (SBI), the largest public sector bank, has increased its interest rates on fixed deposits by 10-20 basis points below. 2 crores. The revised rates have come into effect from October 15. Senior citizens have benefited the most from this hike in FD rate. However, there is a certain category of elderly who get an additional 1% on the applicable FD rates. At the most, some of these categories can earn up to 7.65% which is an inflation-beating return.
senior citizens, State Bank Of India Offering a maximum rate of 6.65% on a tenure generally between 5 years to 10 years FD Effective from October 15, compared to the previous 6.45%. The bank offers 6.3% on tenure from 3 years to less than 5 years, from 6.10% earlier, while from 2 years to less than 3 years the rate of 6.15% from 6%, and 6.10% at 1 year is offered. 2 years tenure from last 5.95%.
An elder can earn up to 5.20% and 5.15% respectively on tenure of 211 days to less than 1 year and 180 days to 210 days as compared to his previous 5.10% and 5.05%. For shorter tenures, the FD rate is 4.5% against the previous 4.40% on a tenure of 46 days to 179 days, and 3.50% on a tenure of 7 days to 45 days versus the previous 3.40%.
However, on its website, SBI said, the interest rate payable to SBI staff and SBI pensioners will be 1% higher than the applicable rate.
Further, the bank said that the rate applicable to all senior citizens aged 60 years and above and SBI pensioners shall be 0.50% higher than the rate payable to all tenants to resident Indian senior citizens, i.e. SBI resident Indian senior citizen pensioners. You will get both benefits. Staff (1%) and Resident Indian Senior Citizens (0.50%).
This would mean that senior citizens who are SBI pensioners will get a maximum of 7.65% (6.65% + 1%) on tenure of 5 years and up to 10 years.
SBI has also launched a special “SBI WeCare” deposit for Senior Citizens offered in the Retail TD segment, with an additional premium payment of 30 basis points (over and above the existing 50 basis points mentioned in the table above) to senior citizens Will be done. Only on their retail TD for the period ‘5 years and above’. SBI Wecare Deposit Scheme has been extended till 31st March 2023.
Also, the bank has introduced a specific period of “1000 days” from August 15, 2022 for 75 days at an ROI of 6.10%.
The revised rates will be applicable on fresh deposits and renewal of mature deposits.
However, NRO deposits of staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest will also be applicable to domestic fixed deposits from co-operative banks as per SBI.
For the general category, SBI is offering interest rates ranging from 3% to 5.85% on FDs below 2 crores.
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