SBI New FD Rates: You'll now get a higher interest rate. Find out how much the benefit grew for a ₹5 lakh contribution over 1, 2, and 3 years

SBI New FD Rates: You'll now get a higher interest rate. Find out how much the benefit grew for a ₹5 lakh contribution over 1, 2, and 3 years

SBI New FD Rates: You'll now get a higher interest rate. Find out how much the benefit grew for a ₹5 lakh contribution over 1, 2, and 3 years

SBI New FD Rates: You will now get more rewards on deposits as a result of the bank raising the rates on deposits in certain tenures by 25 to 50 basis points. As of December 27th, these higher interest rates are now in effect.

Customers of State Bank of India, the top government bank in the nation, have excellent news. The interest rates on the bank's fixed deposits have gone raised. The bank released some positive news before to the new year. You will now get greater rewards on deposits as a result of the bank increasing deposits by 25 to 50 basis points in certain tenures. As of December 27th, these higher interest rates are now in effect.

Which FD tenure will you get the benefit on?

Rates on savings accounts (FDs) under Rs 2 crore have been raised by State Bank of India. With the exception of FDs within 1 year to 2 years, 2 years to 3 years, and FDs within 5 years, the rate has risen for all tenures. The highest interest rate that is presently offered is for a two- to three-year term. It hasn't been updated, however. Only 7% of it is now there. During this period, senior folks are receiving the highest interest rate of 7.50 percent.

Rates on savings accounts (FDs) under Rs 2 crore have been raised by State Bank of India. With the exception of FDs within 1 year to 2 years, 2 years to 3 years, and FDs within 5 years, the rate has risen for all tenures. The highest interest rate that is presently offered is for a two- to three-year term. It hasn't been updated, however. Only 7% of it is now there. During this period, senior folks are receiving the highest interest rate of 7.50 percent.

Senior Citizens Senior Public TenorsCurrent Public Rates as of February 15, 2023; Updated Public Rates as of December 27, 2023Current Senior Citizen Rates as of February 15, 2023Senior Citizen Rates Revised Effective December 27, 2023

From seven to forty-five days3.004..00 to 3.50 to 3.50 to 179 days4.504.75, 5.00, 5.25, 180–210 days5.25, 5.75, 5.75, 6.25, 211 days to under a year5.75~6.00~6.25~6.50

between one and two years6.80 6.80 7.30 7.30 6.80

between two and three years7.00 7.00 7.50 7.50

three to fewer than five years6.50, 6.75, 7.00, 7.25, and up to ten years6.50 6.50 7.50 7.50 7.50 *

 

What kind of return on your Rs. 5 lakh FD will you receive?

If you invested Rs. 5 lakh in an FD and are unsure of the amount of return you would get today, check the returns for 1, 2, and 3 years.

Your interest income will be Rs 34,877 based on the 6.80% interest rate on a one-year FD of Rs 5 lakh; upon maturity, you will get Rs 5,34,877.

You would get Rs 5,74,441 at maturity on a Rs 5 lakh fixed deposit account (FD) that earns interest of Rs 74,441 at a 7% return for two years.

The bank has recently raised the interest rate on a 3-year, Rs 5 lakh FD to Rs 6.75; as a result, you will now only receive Rs 1,11,196 in interest. And when you mature, you'll get Rs 6,11,196.