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 have increased: As a result, SBI will be the sixth bank to do so in December 2023. This month, the rates on fixed deposits at Bank of India, Federal Bank, Kotak Mahindra Bank, as well as 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. SBI webpageThis indicates that the hike in Federal Reserve interest rates will take effect on December 27, 2023. This indicates that the higher FD rates are effective as of December 27. In addition, the bank raised the interest rate on savings accounts (FDs) for deposits exceeding Rs 2 crore. The rate increases applied to all tenures with the exception of one year to less than two years, two years to less than three years, and five years to ten years.

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 50 basis points by the bank, from 3 to 3.50 percent. For the 46- to 179-day period, SBI has raised the interest rate by 25 basis points, from 4.50 percent to 4.75 percent. For a period of 180 to 210 days, the bank has raised the interest rate by 25 basis points, 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.

From seven to forty-five days 3.50% between 46 and 179 days 4.75% between 180 and 210 days 5.75 percent 211 days to a year 6%

between one and two years 6.80 percent

between two and three years 7.00% three to five years or less 6.75 percent

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.

From seven to forty-five days 4% from 46 to 179 days 5.25 percent 180 days–210 days 6.25 percent 211 days to a year 6.5% within a year to under two years 7.30% between two and three years 7.50% from three to less than 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.