SBI hikes bulk FD rates by up to 75 bps; senior citizens earn as high as 7.25% | Mint
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Business News/ Money / Personal Finance/  SBI hikes bulk FD rates by up to 75 bps; senior citizens earn as high as 7.25%
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SBI hikes bulk FD rates by up to 75 bps; senior citizens earn as high as 7.25%

The minimum rate hike is 25 bps which goes as high as to 75 bps on bulk fixed deposits at SBI. Senior citizens are biggest beneficiary of the bulk FDs as they get to earn a maximum rate of up to 7.25%.

The interest rates vary from tenure to tenure. (Bloomberg)Premium
The interest rates vary from tenure to tenure. (Bloomberg)

Good news to depositors as the State Bank of India (SBI) has hiked interest rates by 25 bps to a maximum of 75 bps on bulk fixed deposits starting from 2 crore and above. General category customers earn as high as 6.75% in SBI's bulk FDs, while senior citizens enjoy a maximum rate of up to 7.25%.

The interest rates vary from tenure to tenure.

General category:

The highest hike of 75 bps is given on FDs having 2 years to less than 3 years tenure to 6.50% from the previous 5.75%.

While SBI hikes interest rate by 50 bps for 5 years and up to 10 years to 6% from the previous 5.5%. Similarly, a 50 bps hike each is given on 211 days to less than 1-year tenure to 6.25% from the previous rate of 5.75%.

On 180 days to 210 days tenure, the rate is hiked by 50 bps to 6% from the previous 5.5%.

As well, on 46 days to 179 days, the rate is hiked to 5.50% from the previous 5%; and on 7 days to 45 days tenure to 4.75% from the earlier 4.25%.

The highest hike of 75 bps is given on FDs having 2 years to less than 3 years tenure to 6.50% from the previous 5.75%.

While SBI hikes interest rates by 50 bps for 5 years and up to 10 years to 6% from the previous 5.5%. Similarly, a 50 bps hike each is given on 211 days to less than 1-year tenure to 6.25% from the previous rate of 5.75%.

On 180 days to 210 days tenure, the rate is hiked by 50 bps to 6% from the previous 5.5%.

As well, on 46 days to 179 days, the rate is hiked to 5.50% from the previous 5%; and on 7 days to 45 days tenure to 4.75% from the earlier 4.25%.

On the other hand, SBI has hiked rates by 25 bps each on 1 Year to less than 2-year tenure to 6.75% from the previous 6.50%; and on 3 years to less than 5 years tenure to 6% from the earlier 5.75%.

Senior citizens bulk FD rates:

Just like the general category, a 75 bps hike is given on 2 years to less than 3 years tenure to senior citizens with the rate coming up to 7% from the earlier 6.25%.

However, the highest rate senior citizens could earn would be 7.25% on FDs maturing for 1 Year to less than 2 years compared to the previous 7% -- a hike of 25 bps.

Meanwhile, SBI is giving a 6.50% rate on 3 years to less than 5 years tenure, up by 25 bps from the previous 6.25%.

Also, 6.50% is offered on the highest tenure of 5 years and up to 10 years --- a hike of 50 bps from the previous rate of 6%.

FDs maturing less than 1-year tenures have also received a 50 bps hike. SBI is giving a 6.75% rate on 211 days to less than 1-year tenure from the earlier 6.25%.

Furthermore, the rate is 6.50% on 180 days to 210 days from the previous 6%; at 6% on 46 days to 179 days tenure from the earlier 5.50%; and at 5.25% on 7 days to 45 days tenure as against the previous 4.75%.

Notably, SBI on its website has mentioned that the premature penalty for bulk term deposits for all tenures will be 1%. It will be applicable for all new deposits including renewals.

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Published: 15 Feb 2023, 02:33 PM IST
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