new Delhi. Even today, when it comes to investing, most people recommend FD i.e. Fixed Deposit. FD is considered to be a better option in terms of investment, in which the return is guaranteed. In this, more returns are available than the Savings Account. If your account is in the country’s largest bank State Bank of India ie SBI, then there is good news for you. Actually, SBI has increased the interest rates by 20-40 basis points on bulk fixed deposits i.e. FDs with deposits above Rs 2 crore. The new rates of the bank have become effective from Thursday (March 10, 2022).
According to SBI, the interest rate on FDs above Rs 2 crore for tenures ranging from 211 days to less than one year has been increased by 20 basis points. After the change, interest of 3.30 percent will be available on such FD from March 10, 2022. Earlier this rate used to be 3.10 percent. Similarly, senior citizens used to get 3.60 percent interest on this FD earlier, which has been increased to 3.80 percent.
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FD interest rates below Rs 2 crore
SBI has also increased the rates of some more fixed deposits. According to SBI’s website, the interest rate has been increased by 10 basis points to 5.20 per cent for FD tenors from 2 years to less than 3 years, by 15 basis points to 5.45 per cent for FD tenors from three years to less than five years. For FDs up to 5-10 years, the interest rate has been increased by 10 basis points to 5.50% from February 15 this year.
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0.50% higher rate than normal rate for senior citizens
Senior citizens will get 0.50% more than the normal rate for all tenures. After the change, senior citizens will now get 3.5 to 4.10 interest rate on deposits maturing in seven days to 10 years.
Tags: Bank FD, FD Rates, sbi
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