This Bank Offers 7% Interest On 211-Day Fixed Deposits – Check The Details
SBI , the country's largest public sector bank, has brought good news for its millions of customers. The bank has increased the interest rates on fixed deposits (FDs) for tenures ranging from 180 days to 210 days and from 211 days to less than a year. The interest rate on these FDs has been raised by 0.25%.
Updated SBI FD Rates: According to the latest RBI regulations, banks can now increase the FD limit from Rs 2 crore to Rs 3 crore. These revised rates are applicable to FDs up to Rs 3 crore and have been effective since June 15, 2024.
New FD Rates at SBI:
7 to 45 days: General public – 3.50%; Senior citizens – 4.00%
46 to 179 days: General public – 5.50%; Senior citizens – 6.00%
180 to 210 days: General public – 6.25%; Senior citizens – 6.75%
211 days to less than 1 year: General public – 6.50%; Senior citizens – 7.00%
1 year to less than 2 years: General public – 6.80%; Senior citizens – 7.30%
2 years to less than 3 years: General public – 7.00%; Senior citizens – 7.50%
3 years to less than 5 years: General public – 6.75%; Senior citizens – 7.25%
5 to 10 years: General public – 6.50%; Senior citizens – 7.50%
SBI’s decision to increase FD interest rates comes as a boon for customers seeking better returns on their investments. This change is especially beneficial for senior citizens, who typically rely on interest income for their financial needs. The hike of 0.25% might seem small, but it can significantly impact the overall returns on large deposits. For instance, a senior citizen investing Rs 10 lakh in a 211-day FD will now earn an additional Rs 1,375 in interest compared to the previous rate. This makes FDs an even more attractive and secure investment option, especially for risk-averse individuals. The increased rates also reflect the bank’s response to the RBI’s monetary policy adjustments, aiming to attract more deposits to support its lending operations.
Additionally, under the SBI WeCare FD scheme , senior citizens receive an extra 0.50% interest on FDs ranging from 5 to 10 years.
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Updated SBI FD Rates: According to the latest RBI regulations, banks can now increase the FD limit from Rs 2 crore to Rs 3 crore. These revised rates are applicable to FDs up to Rs 3 crore and have been effective since June 15, 2024.
New FD Rates at SBI:
7 to 45 days: General public – 3.50%; Senior citizens – 4.00%
46 to 179 days: General public – 5.50%; Senior citizens – 6.00%
180 to 210 days: General public – 6.25%; Senior citizens – 6.75%
211 days to less than 1 year: General public – 6.50%; Senior citizens – 7.00%
1 year to less than 2 years: General public – 6.80%; Senior citizens – 7.30%
2 years to less than 3 years: General public – 7.00%; Senior citizens – 7.50%
3 years to less than 5 years: General public – 6.75%; Senior citizens – 7.25%
5 to 10 years: General public – 6.50%; Senior citizens – 7.50%
SBI’s decision to increase FD interest rates comes as a boon for customers seeking better returns on their investments. This change is especially beneficial for senior citizens, who typically rely on interest income for their financial needs. The hike of 0.25% might seem small, but it can significantly impact the overall returns on large deposits. For instance, a senior citizen investing Rs 10 lakh in a 211-day FD will now earn an additional Rs 1,375 in interest compared to the previous rate. This makes FDs an even more attractive and secure investment option, especially for risk-averse individuals. The increased rates also reflect the bank’s response to the RBI’s monetary policy adjustments, aiming to attract more deposits to support its lending operations.
Additionally, under the SBI WeCare FD scheme , senior citizens receive an extra 0.50% interest on FDs ranging from 5 to 10 years.
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