1 min read.Updated: 20 Dec 2021, 09:27 AM ISTLivemint
SBI has hiked the interest rate on fixed deposits of more than ₹2 crore, effective December 15, 2021
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The State Bank of India (SBI) has hiked the interest rate on fixed deposits of more than ₹2 crore, effective December 15, 2021. The increased interest rates will apply to new deposits as well as those that are about to mature. SBI has kept the interest rates on FDs under ₹2 crore unchanged.
With regard to domestic term deposits, the bank has decided to raise it by 10 basis points (bps) for high-value deposits over ₹2 crore.
SBI latest FD rates below ₹2 crore for general
SBI FDs between 7 days to 10 years will give 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. These rates are effective from 8 January 2021.
The country's top lender has increased the benchmark lending rate or base rate by 0.1 per cent. With the increase, the revised base rate is 7.55 per cent, as per the information posted on SBI's website. The new rate is effective from December 15, 2021. The decision is not going to affect those who have taken loan since January 2019 but those before that.