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Fixed deposit rates are increased by SBI. Check the recent FD rates here

Interest rates on fixed deposits (FDs) have increased by the State Bank of India (SBI). FDs with less than ₹2 crore are subject to this interest rate. The revised rate will take effect on December 27, 2023, today.

With the exception of one year to less than two years, two years to less than three years, and five years to ten years, the bank has raised the rates for all tenures.

Rates for deposits maturing in 45 days to 7 days have been increased by 50 basis points (bps) by SBI. The bank has increased rates by 25 basis points, so these deposits will now yield an interest rate of 3.50% for 46 to 179 days, with a guarantee of 4.75%. SBI has raised rates by 50 basis points on term deposits with tenors ranging from 180 to 210 days. The interest rate on these FDs will be 5.75%. On 211 days, the bank raised rates by 25 basis points to tenors shorter than one year (6%). FDs maturing in three years or less will now yield a 25 basis point increase, or 6.75%.

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SBI has increased FD rates on December 27. Here are the most recent FD rates:

7 days to 45 days – 3.50%

46 days to 179 days – 4.75%

180 days to 210 days – 5.75%

211 days to less than 1 year – 6%

1 Year to less than 2 years – 6.80%

2 years to less than 3 years – 7.00%

3 years to less than 5 years  – 6.75%

5 years and up to 10 years  – 6.50%

Senior Citizen SBI FD Rates

On these deposits, senior citizens will receive an additional 50 basis points (bps). SBI offers rates on deposits maturing in seven days to ten years that range from 4 to 7.5% following the most recent hike:

7 days to 45 days – 4%

46 days to 179 days – 5.25%

180 days to 210 days – 6.25%

211 days to less than 1 year – 6.5%

1 Year to less than 2 years – 7.30%

2 years to less than 3 years – 7.50%

3 years to less than 5 years – 7.25

5 years and up to 10 years – 7.5%

The bank had last revised FD rates in February 2023.

Read also: Types of Bank Accounts in India & their features

In December of 2023, these banks increased FD rates.

As a result, starting in December 2023, SBI will be the fifth bank to increase term deposit interest rates. This month, the rates on term deposits at Bank of India, Federal Bank, Kotak Mahindra Bank, and DCB Bank were also raised.

In the December 8 MPC meeting, the Reserve Bank of India (RBI) kept the key repo rate at 6.5% for a fifth consecutive meeting, coinciding with the rate increase.

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