State Bank of India (SBI), the largest public sector bank, has increased its interest rates by 10-20 basis points on fixed deposits i.e. deposits of less than Rs 2 crore.
These revised rates have come into effect from October 15. Senior citizens have benefited the most from this increase in FD rate. However, there is a certain category of elderly who get an additional 1% interest on the applicable FD rates. These special categories of senior citizens can earn interest up to 7.65% which will also help in beating inflation.
interest for senior citizens
SBI was earlier offering 6.45% interest for senior citizens. Now paying maximum interest of 6.65% on FDs between 5 years to 10 years, applicable from October 15. The bank is offering an interest of 6.3% on FDs of 3 years to less than 5 years, which was 6.10 percent earlier. The bank is giving interest rate of 6.15% on FDs of 2 years to less than 3 years which was 6 percent earlier.
This special offer of SBI
SBI on its website has said that the interest rate payable to SBI staff and SBI pensioners will be 1% more than the applicable rate. An elderly can get 5.20% and up to 5.15% interest on FDs ranging from 211 days to less than 1 year. At the same time, interest of up to 5.20% and 5.15% is available on FDs of 180 days to 210 days. For short tenure FDs from 46 days to 179 days the interest has gone up to 4.5% as compared to 4.40%.
will get maximum interest
SBI is offering a maximum interest of 7.65 percent to senior citizens. He is giving 6.65 percent interest on FDs ranging from 5 to 10 years. Also, if you are an employee of the bank i.e. a pensioner, then an additional 1% interest will be available.
Interest on these FDs also increased
SBI has increased the interest rate on deposits maturing in 1 year by 15 bps or 0.15 percent. The bank has increased the interest rate on deposits maturing in 2 years by 15 bps from 5.50% to 5.65%. The bank has reduced the rate on deposits maturing in 3 years from 5.60% to 5.80%. In this, 0.20 percent interest has been increased directly. Deposits maturing in 5 years have been reduced from 5.65% to 5.85%. In this also 0.20 percent interest has been increased.
SBI increased interest on FD by up to 0.20 percent.
