SBI Hikes Interest Rates On Fixed Deposits! Read More Here
Hey, folks! have you heard the latest news that recently rolled out from the officials of the State Bank Of India? Well, if not then we would like to ask you one more thing. Do you have any Fixed Deposits in SBI or thinking to get one? So, this article is going to help you for sure. According to the latest reports, the SBI has raised the interest rates by 65 basis points while RBI increased the repo rate by only 35 basis points. This news has now created a buzz. Undoubtedly, those who have any fixed deposit in SBI will be happy to hear the news. So, stay in the loop to know what are the new rates and other updates.
So, the state bank of India has increased the interest rates on fixed deposits of different tenures. The largest public sector bank in the nation made this change on the 13th of December 2022, followed by which the rates on fixed deposits are increased from 15 to 65 basis points. Undoubtedly, a huge number of people, or better say almost everyone in India gets an FD to save some amount to avail better interest rates. Now, with this latest announcement, many people got a reason to jump, especially those who have a large amount.
Latest FD Interest Rates On Fixed Deposits
SBI increased the interest rates on fixed deposits by up to Rs 2 crore, reportedly. FDs with a duration of 211 days to 1 year, that used to get 5.50 percent earlier will get 5.75 percent interest from now. On the other side, FDs of 1 year or less than two years, used to get 6.10 percent earlier but from now those FDs will avail 65 basis points more i.e. 6.75 percent interest. Before this news, there was an interest rate of 6.25% on the other fixed deposits of 2 to 3 years or less the same but will now get 6.75 interest.
Although, only 15 basis points have been increased on the deposits for tenures of 3 to 5 years and 5 to 10 years. However, it used to be at 6.10% but now it has increased to 6.25%. So, saying this won’t bad that only 15 basis points’ interest has been increased, but still, it is better than the previous one.
SBI WeCare Fixed Deposit Interest Rates
Another FD by SBI is also getting a minor change in its interest rate. Well, you must have heard about SBIs Wecare FD. However, the word is not a new thing to be familiar with but many people are not aware of this. So, the “SBI WECARE” is a special FD scheme launched by the state bank of India in 2022. In easy words, the scheme was launched to secure senior citizens’ income by paying additional interest on term deposits. Believing the reports, the SBI Wecare Deposit plan has now been extended till 31 March 2023 and talking about the latest interest rate so from now 7.25 percent interest will be given on all FDs that are above 5 years and less than 10 years. More information on interest rates is yet to come by the officials therefore, stay tuned with us to read more latest news updates.