Big advantage: SBI increased FD interest rate, more profit will be there. Big advantage SBI hikes FD interest rate, will have more profit


new FD interest rate

new FD interest rate

For your information, let us tell you that the Reserve Bank of India sets the minimum interest rate, which all banks use as their standard rate or standard rate. Banks are not allowed to lend at a rate lower than the central bank’s predetermined base rate. SBI has increased the interest on FDs above Rs 2 crore with effect from December 15, 2021.

On which FDs the new interest rate will be applicable

On which FDs the new interest rate will be applicable

SBI’s new FD interest rates will be applicable on fresh deposits as well as renewals of matured deposits. NRO FD interest rates will be matched with domestic fixed deposit interest rates. According to SBI’s website, these interest rates will also be applicable on domestic fixed deposits of co-operative banks. Keep in mind that there is no change in the interest rate for less than Rs 2 crore.

Rate of interest for less than Rs 2 crore

Rate of interest for less than Rs 2 crore

On 7 to 45 days, 2.90 percent interest rate is being offered to general citizens and 3.40 percent to senior citizens. These rates are 3.90 per cent and 4.40 per cent for 46 to 179 days. Similarly, on 180 to 210 days, these rates are 4.40 percent and 4.90 percent. From 211 days to less than 1 year, these rates are only 4.40 percent and 4.90 percent. For less than 2 to 3 years, these rates are 5.10 per cent and 5.60 per cent. For less than 3 to 5 years, these rates are 5.30 per cent and 5.80 per cent. Finally, these rates are 5.40 per cent and 6.20 per cent over a period of 5 to 10 years.

Rate of interest for above Rs.2 crore

Rate of interest for above Rs.2 crore

On 7 to 45 days, only 3 percent interest rate is being offered to general citizens and 3.50 percent to senior citizens. For 46 to 179 days, these rates are 3 per cent and 3.50 per cent. Similarly, on 180 to 210 days, these rates are 3.10 percent and 3.60 percent. Even from 211 days to less than 1 year, these rates are only 3.10 percent and 3.60 percent. For less than 2 to 3 years, these rates are 3.10 percent and 3.60 percent. For less than 3 to 5 years, these rates are 3.10 per cent and 3.60 per cent. Finally, over a period of 5 to 10 years, these rates are 3.10 per cent and 3.60 per cent.

No change in repo rate

No change in repo rate

On December 8, 2021, RBI did not make any change in the repo rate. The repo rate and reverse repo rate currently stand at 4% and 3.35 per cent, respectively. RBI kept interest rates unchanged for the ninth consecutive monetary policy review meeting.





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