New Delhi: In what could be good news for investors, the State Bank of India (SBI) has increased the interest rates by 20-40 basis points on fixed deposit (FD) accounts of more than Rs 2 crore. The latest SBI interest rates on FD accounts are effective from March 10, 2022. The increased interest rates are applicable on new deposits and renewals of term deposits.
According to the website of the largest state-owned lender, customers will now get 20 basis points higher interest at 3.30% on fixed deposit schemes maturing within 211 days to less than 356 days. Previously, SBI offered an interest rate of 3.10% on the fixed deposit scheme. Senior citizen investors will now receive returns at a 3.80% interest rate, up from 3.60%.
Similarly, the bank has increased the interest rate for FD accounts worth more than Rs 2 crore maturing anywhere from 1 year to up to 10 years by 40 basis points. Regular investors opting for such FD accounts will now get returns at 3.60% while senior citizens will get returns at 4.10%.
SBI has recently also increased the interest rates for FD schemes worth less than Rs 2 crore. The lender increased the interest rate by 10 basis points to 5.20% for FD schemes maturing in two years to less than three years.
Also, investors now get returns at a 5.45% interest rate on FD accounts with a maturity period of three years to less than five years. The interest rate has been increased by 15 basis points. Also Read: WhatsApp introduces Code Verify extension to add extra security to web app
Besides SBI, several other public and private banks have increased interest rates on fixed deposit schemes. These banks include HDFC, ICICI, and Bank of Baroda, among others. Also Read: Apple dominates list of top 10 best-selling smartphones
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