There is good news for customers getting FD in State Bank of India. The bank has increased the interest rate on fixed deposits for select maturity periods. This increase is 0.10 percent. The bank’s new FD rates have come into effect from 8 January 2021. Interestingly, SBI has also changed the interest rates of domestic bulk term deposits as well as domestic retail term deposits.
According to information on the SBI website, in case of retail FDs below Rs 2 crore, the interest rate on FDs of ‘1 year or more but less than 2 years’ has increased by 0.10%. Now, ordinary citizens will get 5 percent annual interest instead of 4.90 percent on FD of this duration. For senior citizens, this rate will be 5.50 percent. There is no change in the interest rates on retail FDs of all other periods.
Bulk term deposit
SBI has increased the interest rate on FDs for periods ranging from 180 days and above to less than 2 years in the case of domestic bulk term deposits of Rs 2 crore and above, by 0.10% to 3% per annum. For senior citizens, this rate has been increased to 3.50 percent annually. Interest rates have not been changed for other maturity periods.
The new revised interest rates for both types of FDs have come into effect from 8 January 2021. SBI had earlier revised the FD interest rates on September 10.