State Bank of India has increased the interest rates on fixed deposits of various tenures. The new rates have come into effect from May 15. SBI has increased the interest rates on FDs with tenure from 46 days to 179 days, 180 days to 210 days and 211 days to less than 1 year by 0.25 to 0.75 percent. SBI last increased interest rates on FD on December 27, 2023.
According to the information, the bank is giving 3.50 percent interest on FD of 7 days to 45 days. It is giving 5.50 percent interest on FD of 46 days to 179 days. It is offering 6 percent interest rate on FD of 180 days to 210 days. The interest rate on FDs with tenure ranging from 211 days to less than 1 year is 6.25 percent.
The interest rate on FDs with tenure ranging from one year to less than 2 years is 6.80 percent. The highest interest rate on FD of 2 years to less than 3 years is 7 percent. The bank is offering 6.75 percent interest rate on FDs with tenure ranging from 3 years to less than 5 years. At the same time, the interest rate on FD with tenure ranging from 5 years to 10 years is 6.50 percent.
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SBI last increased its interest rates in December 2023. A senior official of a public sector bank said, “SBI is the market leader and the largest distribution network. All public sector banks will have to review their rates in view of SBI’s decision.”
Currently the best return on FD by a public sector bank is offered by Bank of Baroda, which offers 7.25% interest on three-year deposits. Private banks include Yes Bank, IndusInd Bank and IDFC Bank which offer 7.25% for different tenures.
Input: Agency
