In the country’s largest bank SBI, customers are getting bumper interest on FD. This facility is being provided by the bank, SBI pensioners. Pensioners can now get 7.65% interest on FDs with tenures of 5 to 10 years.
New Delhi. In the country’s largest bank SBI, customers are getting bumper interest on FD. This facility is being provided by the bank, SBI pensioners. Pensioners can now get 7.65% interest on FDs with tenures of 5 to 10 years. Explain that SBI gives 1% additional FD interest to its employees and pensioners. The bank has increased the interest rates on fixed deposits i.e. FDs by up to 20 basis points.
This increase has been made for all tenures. The new interest rates will be applicable on FDs below Rs 2 crore. According to the bank’s website, the increased rates will be applicable from October 15, 2022. The bank has increased the interest rates on retail term deposits after a gap of two months. FD interest rates have been increased by 10 to 20 basis points.
Know who will get the benefit
After the revision of FD rates from October 15, the interest rate on FDs of 5 years and above for senior citizens has increased to 6.65%. This means SBI pensioner can get 7.65% (6.65% + 1%) interest on deposits of 5 years and above. It is offering interest at the rate of 3.00% to 5.85% for general public and 3.50% and 6.65% for senior citizens.
What is the bank’s new rates
– SBI has increased the interest rate on FDs of 7 days to 45 days from 2.90 percent to 3 percent.
Similarly, it has been reduced to four per cent for a period of 46 days to 179 days. Earlier it was 3.90 per cent.
Interest has increased from 4.55 per cent to 4.65 per cent for a period of 180 to 210 days.
The bank has reduced the interest rate on FDs from 211 days to less than one year to 4.70 percent. Earlier it was 4.60 per cent.
Similarly, between 1 year and less than 2 years, it has been increased from 5.45 percent to 5.60 percent.
Between 2 years and less than 3 years, now 5.65 percent interest will be available instead of 5.50 percent.
Between 3 years and less than 5 years, its rate has increased from 5.60 percent to 5.80 percent.
FD has been increased from 5.65 per cent to 5.85 per cent on tenures ranging from 5 years to 10 years.
SBI Wecare Deposit (SBI ‘Wecare Deposit’)
SBI will extend the validity period of its Waycare Senior Citizen Term Deposit scheme till March 31, 2023 next year. Senior citizens get 30 basis points additional premium interest on deposits for a period of five years or more. Retail term deposits of less than five years will get 0.50 percent more interest than ordinary citizens. At the same time, senior citizens will get 0.80 percent (0.50 +0.30) more interest on retail term deposits of more than five years.
