By India Today Web Desk: Country’s largest government lender State Bank of India (SBI) on Wednesday (Nov 28) hiked interest rates on fixed deposits (FDs) with tenors of one to two years. The latest revision in FD interest rates comes after other major banks including ICICI Bank and HDFC Bank hiked rates.
The public lender said on its website that the SBI FD interest rate has been hiked by 0.05-0.10 percent. A single basis point corresponds to 0.01 percent. The lender also said on its website that the FD interest rate change will be applicable to all deposits below Rs 1 crore from today.
People generally invest in FDs because they are safe, especially those offered by public sector banks like Punjab National Bank (PNB), State Bank of India and many more. Financial advisors suggest that individuals invest in an FD as it offers a fixed rate of interest on deposits as it is higher than interest as compared to regular savings accounts.
Check the latest rates
After the latest revision, the bank is now offering an interest rate of 6.80 percent on FDs that have a tenure of one or two years; The previous rate was 6.7 percent. SBI FD interest rate for senior citizens with one or two year maturity has also gone up to 7.30 per cent.
Check the chart below
Maturity period | Past Rate (%) | Current Rate (%) |
7 days to 45 days | 5.75 | 5.75 |
46 days to 179 days | 6.25 | 6.25 |
180 days to 200 days | 6.35 | 6.35 |
211 days to less than 1 year | 6.40 | 6.40 |
1 year to less than 2 years | 6.70 | 6.80 |
2 years to less than 3 years | 6.75 | 6.80 |
3 years to less than five years | 6.80 | 6.80 |
5 years to 10 years | 6.85 | 6.85 |
Individuals should note that public lenders have kept the interest rate unchanged for FDs with other maturity periods. Not only SBI but almost all banks both private and public offer FDs with different tenors ranging from seven days to a decade.
Seven-day to 45-day tenure SBI FD kept unchanged at 5.75 per cent; The interest rate on FDs with tenures between 46 days and 179 days remains fixed at 6.25 percent.
The interest rate on SBI FDs with tenors of 180 days to 210 days has also remained unchanged at 6.35 per cent. Finally, the interest rate on SBI FD with maturity of 211 days remains constant at 6.40 percent.
For SBI FDs with higher tenures of less than three years to five years and five to 10 years, the interest rates remain fixed at 6.80 percent and 6.85 percent, respectively.
For senior citizens, the bank offers an interest rate of 50 basis points or additional 0.5 percent on all fixed deposits throughout its tenure.
Also, those who have FDs with a minimum lock-in period of five years are eligible for tax benefits under Section 80C (Deduction on Investment) of the Income Tax Act.
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