The State Bank of India (SBI) has implemented an immediate revision in interest rates for specific fixed deposit (FD) tenures, increasing rates by up to 0.5%. Here's a breakdown of the updated rates:
- For deposits maturing between 7 days to 45 days, the interest rate has been raised to 3.50% from the previous 3%.
- The interest rate for deposits with tenures of 46 days to 179 days has been increased to 4.75% from 4.50%.
- Tenures spanning 180 days to 210 days now offer an interest rate of 5.75% instead of the earlier 5.25%.
- FDs maturing between 211 days to less than one year now yield an interest rate of 6%, previously at 5.75%.
- In the duration of three years to less than five years, the interest rate has been elevated to 6.75% from the prior 6.50%.
However, the rates for other tenures remain unchanged as of now.
Additionally, the Amrit Kalash scheme, specifically for the '400 days' tenor, previously offering an interest rate of 7.10% since April 12, 2023, now extends a rate of interest at 7.60% for senior citizens. This scheme is valid until March 31, 2024.
This adjustment in interest rates reflects SBI's efforts to align its offerings with prevailing market conditions while providing enhanced benefits for depositors, especially senior citizens through targeted schemes like the Amrit Kalash plan.
(With Agency Inputs)
ALSO READ | SBI Announces Increase in Interest Rates on Loans
ALSO READ | Government Authorizes SBI to Issue and Redeem Electoral Bonds from November 6 to 20
