SBI hikes FD rates from today: Check tenure-wise interest earnings
Starting today, the State Bank of India (SBI) has hiked its fixed deposit (FD) interest rates for deposits below Rs. 2 crore. This makes SBI the fifth bank to increase term deposit rates this month. Bank of India, Federal Bank, DCB Bank, and Kotak Mahindra Bank also increased rates on their term deposits this month. However, rates for one year to less than two years, two years to less than three years, and five years to 10 years remain unchanged.
Revised FD interest rates for various tenures
Rates for seven to 45 days rose by 50 basis points (bps) to 3.50%. For 46 to 179-day tenures, the rate rose by 25 bps to 4.75%. Deposits with 180 to 210-day tenures saw a 50 bps hike to 5.75%. For 211 days to less than one year and three years to less than five years, a 25 bps hike to 6% and 6.75%, respectively, has been introduced. For five years and up to 10 years, the rate is 6.50%.
FD rates for senior citizens
Senior citizens will benefit from an additional 50 bps on their deposits. SBI now offers rates between 4% and 7.5% for deposits maturing in seven days to 10 years. Revised rates for senior citizens include 4% for seven to 45 days, 5.25% for 46 to 179 days, 6.25% for 180 to 210 days, and so on, up to 7.5% for five years and up to 10 years.
Banks hike rates despite RBI keeping repo rate unchanged
The Reserve Bank of India (RBI) maintained the key repo rate at 6.5% for the fifth consecutive time during the December 8 Monetary Policy Committee (MPC) meeting. Despite this, SBI and other banks have increased their term deposit interest rates in December 2023.
