Rise In the Interest Rates On SBI Fixed Deposits.

There is an increase in the interest rate of fixed deposits given by the country’s largest money lender , State Bank Of India (SBI) . The new interest rates are going to come into effect on 14 June,2022.
The State Bank Of India has raised the fixed deposits by upto 20 basis points for the deposits below rs 2 crore and fixed a particular tenure for it. SBI has revised the terms of interest rates on the basis of the time period for which a deposit is made and revised new interest for senior citizens with different concessions. 

The FD rates of 2022 given by SBI 

The deposits made for 7 days to 45 days , SBI will give an interest rate of 2.90%. The interest rates for the deposits made for 46 days to 179 days will remain unchanged i.e, 3.90%. Deposits made for 80 days to 210 days will continue to get interest at the rate of 4.40%. There is an immense increase in the interest rate for the deposits made for 211 days to less than a year from 4.40% to 4.60%. For the deposits of 1 year to less than 2 years SBI will offer 5.30% interest rate which was 5.10% earlier. Deposits done for 2 to 3 years will now claim an interest rate of 5.30% , earlier 5.10% which is a total increase of 15 basis point. The bank will offer an interest rate of 5.45% on the deposits for 3 to less than 5 years and the interest rate for the deposit of 5 years to 10 years will remain unchanged i.e, 5.50%. 

Terms  for senior citizens 

For senior citizens , the interest rates for the deposits made for 7 to 45 days, 46 to 179 days, and 180 to 210 days, will remain the same at 3.40%, 4.40% and 4.90% respectively. But there is an immense increase in the terms made for 1 year to less than 2 years from 5.60% to 5.80% and for the deposits made for 2 years to less than 3 years is also increased from 5.70% to 5.85%. The rate for the deposits from 3 years to less than 5 years will remain unchanged at 5.95% and also remain same for the deposits from 5 years upto 10 years at 6.30%.

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After SBI has given the changes in the interest rates there is a rise shown in the interest rates for senior citizens of other banks also like Bandhan Bank, Indusland Bank, and RBL Bank. According to the past six years report it is noted that the SBI interest rate has fallen by 40% from the height of 9% in 2014 to 5.47% in 2020. 

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