Big News on SBI FD Interest Rate for 2024! Check out the current interest rate on FDs offered by SBI, which is competitive

Big News on SBI FD Interest Rate for 2024! Check out the current interest rate on FDs offered by SBI, which is competitive

Big News on SBI FD Interest Rate for 2024! Check out the current interest rate on FDs offered by SBI, which is competitive

Interest rates on SBI FDs rise: With this move, SBI would be the seventh bank to boost term deposit interest rates by December 2023. This month, the rates on term deposits at Bank of India, Federal Bank, Kotak Mahindra Bank, and DCB Bank were also raised.

For deposits under Rs 2 crore, State Bank of India (SBI) has raised FD interest rates by 50 basis points. The SBI website states that the higher FD interest rates will take effect on December 27, 2023. This indicates that the higher FD rates are effective as of December 27. Additionally, the bank raised the FD rates on deposits above Rs 2 crore. With the exception of one year to less than two years, two years to less than three years, and five years to ten years, the bank has raised the rates for all tenures.

For an investment below Rs. 2 crore, what return can you expect?

The interest rate on deposits due in 7 to 45 days has been raised by the bank from 3 to 3.50 percent, a difference of 50 basis points. For the duration of 46 days to 179 days, SBI has raised the interest rate by 25 basis points, from 4.50 percent to 4.75 percent. The interest rate for a 180-day term has been raised by 25 basis points by the bank, from 5.25 percent to 5.75 percent. FDs having a maturity term ranging from 211 days to less than a year now have an interest rate of 6 percent, up from 5.75 percent before. Deposits due in less than five years or in three years now have an interest rate of 6.75 percent instead of 6.50 percent.

The SBI raised the FD rates as of December 27. Here are the most recent FD rates.

3.50% from 7 to 45 days

4.75% from 46 to 179 days

5.75% from 180 to 210 days

6% between 211 days and a year

From one year to under two years, 6.80%

7.00% for two to less than three years

three to five years or less, 6.75%

For five and ten years, 6.50%

Senior Citizen SBI FD Rates

On these deposits, senior persons will get an extra 50 basis points (bps). SBI provides rates on deposits due in seven days to 10 years that range from 4 to 7.5% after the most recent rise.

4% from 7 to 45 days

5.25% from 46 to 179 days

6.25% from 180 to 210 days

6.5% of 211 days to 1 year

7.30% for one year to less than two years

7.50% from two to fewer than three years

3. years to under five years 7.25

7.5% after five and ten years

FD rates were last changed by the bank on February 2023.

December 2023 saw a rise in FD rates by these banks.

As a result, starting in December 2023, SBI will be the sixth bank to increase term deposit interest rates. This month, the rates on term deposits at Bank of India, Federal Bank, Kotak Mahindra Bank, and DCB Bank were also raised. The Reserve Bank of India (RBI) maintained the benchmark repo rate at 6.5% for the fifth straight meeting of the Monetary Policy Committee (MPC) on December 8, which prompted the rate increase.