Diwali bonanza: SBI hikes FD rates by up to 80 bps. Check new rates here
The new rates are applicable on FDs below ₹2 crore and will come into effect from October 22. Senior citizens are the biggest beneficiary.
PremiumJust a day before the 5-days Diwali festival could kick-off, the largest banker in India, State Bank of India (SBI) has already announced a gift to depositors by increasing fixed deposits (FD) rates by 25 basis points to a maximum of 80 basis points. The new rates are applicable on FDs below ₹2 crore and will come into effect from October 22. Senior citizens are the biggest beneficiary.
SBI FD new rates for the general category:
SBI hiked the interest rate by the highest 80 basis points on tenures of 211 days to less than 1 year --- to 5.50% with effect from October 22, compared to the current 4.70%.
Further, the bank hiked interest rates by 60 basis points to 5.25% on FDs maturing from 180 days to 210 days compared to the currently offered 4.65%. A similar hike has been made on 2 years to less than 3 years tenures to 6.25% from the current 5.65%.
The rate is increased by 50 basis points to 4.50% on 46 days to 179 days tenures from the current 4%, while on 1 Year to less than 2-year tenures -- a similar hike has been made to 6.10% from the current 5.60%.
On the longer tenures, SBI hiked the rate by 30 basis points to 6.10% on 3 years to less than 5 years tenures from 5.8%, and by 25 basis points to 6.10% on 5 years and up to 10 years tenures from 5.85%.
The rate is unchanged at 3% on 7 days to 45 days tenures.
SBI FD new rates to senior citizens:
At maximum, a senior citizen will get to earn a 6.90% rate on 5 years and up to 10 years tenures --- higher than 25 basis points from the current 6.65%. However, the highest hike is made on 211 days to less than 1-year tenures by 80 basis points to 6% from the currently offered 5.20%.
A 6.60% rate is offered on 3 years to less than 5 years tenures to senior citizens -- higher than 30 basis points from the 6.30% rate.
While a 60 basis points hike each is provided on FDs for 2 years to less than 3 years tenures to 6.75% from the current 6.15%; and on 180 days to 210 days tenures to 5.75% from previous 5.15%. Further, a 50 basis points hike each is given on 1 Year to less than 2-year tenures to 6.60% from current 6.10%, and on 46 days to 179 days tenures to 5% from 4.5%.
The rate is unchanged at 3.50% on 7 days to 45 days tenures.
SBI is already offering a specific tenure of '1000 days' at a ROI of 6.10% with effect from August 15 for 75 days.
Further, SBI has a special deposit scheme called as 'SBI Wecare' for senior citizens wherean an additional premium of 30 bps will be paid on their retail TD for '5 Years and above' tenures. The deposit scheme is extended up to March 31, 2023.
Meanwhile, SBI staff and pensioners are liable to get 1% above the applicable rate. It said, the rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).
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