SBI FD rates : The State Bank of India (SBI) has recently revealed a surge in interest rates for specific fixed deposits (FDs) with amounts below Rs 2 crore. The adjusted rates, effective from December 27, 2023, also encompass increased FD rates for deposits exceeding Rs 2 crore.
Here’s a breakdown of the revised SBI FD rates for December 2023:
- For deposits maturing within 7 days to 45 days, the interest rate has risen by 50 basis points, climbing from 3% to 3.50%.
- Tenures spanning 46 days to 179 days see a 25 basis points increase, now offering an interest rate of 4.75%.
- In the 180-day to 210-day range, the interest rate has ascended from 5.25% to 5.75%, marking another 25 basis points hike.
- FDs maturing between 211 days to less than 1 year will now accrue an interest rate of 6%, compared to the previous rate of 5.75%.
- For tenures ranging from three years to less than five years, the interest rate has been elevated to 6.75% from the prior 6.50%.
It’s important to note that the rates for other tenures remain unchanged.
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SBI has also introduced a special tenor scheme named “Amrit Kalash,” which carries an interest rate of 7.10% until March 31, 2024. Additionally, senior citizens are entitled to a higher interest rate of 7.60%.
These adjustments in SBI’s interest rates are aligned with the Reserve Bank of India’s (RBI) decision to raise the repo rate by 250 basis points since May 2022. The move aims to attract investments in fixed return instruments like fixed deposits and term deposits by providing enhanced returns to depositors.
