The State Bank of India (SBI), the country’s largest lender, increased interest rates on domestic bulk term deposits of Rs.2 crore and above.
The State Bank of India (SBI), the country’s largest lender, increased interest rates on domestic bulk term deposits of Rs.2 crore and above. According to the bank’s website, as a result of the revision, interest rates on deposits maturing in one year to less than two years have increased to less than two years.
SBI FD Rates
The bank will continue to pay 3.50 percent interest on deposits maturing in 7 to 45 days, while the SBI will continue to pay 4.00 percent interest on term deposits maturing in 46 to 179 days. SBI will continue to offer a 4.25 percent interest rate on deposits maturing between 180 and 210 days, while the bank will offer a 4.50 percent interest rate on deposits maturing between 211 and less than a year. Deposits maturing in one to two years will now earn 5.25 percent, up from 4.75 percent previously, representing a 50 basis point increase.
The bank will continue to offer a 4.25 percent interest rate on deposits maturing in two to three years, and a 4.50 percent interest rate on deposits maturing in three to ten years. According to SBI’s website, “the revised interest rates shall be made applicable to fresh deposits and renewals of maturing deposits.” The interest rates on NRO term deposits must be consistent with the rates on domestic term deposits. These interest rates will also apply to domestic term deposits held by cooperative banks.”
On June 14, 2022, SBI last increased its interest rates on fixed deposits of less than 2 Cr. Following the change, SBI now offers interest rates on deposits maturing in 7 days to 10 years ranging from 2.90% to 5.50% for the general public and 3.40% to 6.30% for senior citizens. SBI has also increased the marginal cost of lending rate (MCLR) on loans by 10 basis points, or 0.10 percent. The new lending rates will go into effect today, July 15. According to SBI’s website, the MCLR for a one-year tenor has been raised from 7.40 percent to 7.50 percent. This could lead to higher interest rates on retail loans for homes, automobiles, or personal items, as well as higher Equated Monthly Installments (EMIs).
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