SBI Raises Fixed Deposits Interest Rates By Up To 50 Basis Points From December 27

SBI Raises Fixed Deposits Interest Rates By Up To 50 Basis Points From December 27

The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 per cent w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60 per cent. The Scheme will be valid till 31-March-2024, according to the SBI website.

Rahul MUpdated: Wednesday, December 27, 2023, 01:22 PM IST
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SBI Raises Fixed Deposits Interest Rates By Up To 50 Basis Points From December 27 | Pixabay

The State Bank of India (SBI) on Wednesday has increased retail term deposit rates by upto 50 basis points (bps), effective from today, December 27, for fixed deposits (FDs) below Rs 2 crore, according to data updated on the SBI website.

The State Bank of India has implemented rate increases across various deposit durations.

For deposits spanning seven to 45 days, the term deposit rate has risen by 50 basis points to 3.50% for general depositors and to 4.00 per cent for senior citizens.

Similarly, the rates for deposits lasting 180 to 210 days have increased by 50 basis points to 5.75 per cent for general depositors and 6.25 per cent for senior citizens.

In the case of deposits ranging from 46 to 179 days, the rate has been raised by 25 basis points to 4.75 per cent for general depositors and 5.25 per cent for senior citizens.

Additionally, deposits with a tenure of 211 days to under a year have seen an increase of 25 basis points to 6 per cent for general depositors and 6.50 per cent for senior citizens. Moreover, deposits extending from three years to less than five years now carry rates elevated by 25 basis points to 6.75 per cent for general depositors and 7.25 per cent for senior citizens.

SBI '400 Days' Tenor Scheme 'Amrit Kalash'

The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 per cent w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60 per cent. The Scheme will be valid till 31-March-2024, according to the SBI website.

SBI shares

The shares of SBI on Wednesday at 1:14 pm IST  were trading at Rs 643.40, up by 0.84 per cent.

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