SBI's New FD Rates: You will now get more interest; find out how much more you will gain from a ₹5 lakh deposit over one, two, or three years

SBI's New FD Rates: You will now get more interest; find out how much more you will gain from a ₹5 lakh deposit over one, two, or three years

SBI New FD Rates: Over time, the bank has raised the rates on deposits by 25 to 50 basis points, which translates to higher returns on savings for customers. As of December 27, these new interest rates are in force.

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 gave good news prior to the new year. You will now get higher returns on deposits since the bank has raised the deposit amount by 25 to 50 basis points at certain times. As of December 27, these new interest rates are in force.

Which time frame will you get benefits from FD?

Interest rates on savings accounts (FDs) under Rs 2 crore have been raised by State Bank of India. Regarding duration, the rates have risen for all tenures except for FDs within 1 year to 2 years, FDs within 2 years to 3 years, and FDs within 5 years. The highest interest rates that are now offered are for terms of two to three years. It hasn't been altered, however. Only 7% of it is now there. Seniors get the highest interest rate of 7.50 percent throughout this time.

Interest rates on savings accounts (FDs) under Rs 2 crore have been raised by State Bank of India. Regarding duration, the rates have risen for all tenures except for FDs within 1 year to 2 years, FDs within 2 years to 3 years, and FDs within 5 years. At the moment, the greatest interest rate offered for a two- to three-year term is Rs. It hasn't been altered, however. Only 7% of it is now there. Seniors get the highest interest rate of 7.50 percent throughout this time.

older people in the broader public

The public's current tariffs will take effect on February 15, 2023. Updated public rates effective December 27, 2023; current senior citizen rates effective February 15, 2023. Senior citizen prices are revised as on December 27, 2023.

Between 7 and 45 days, 3.00, 3.50, and 4.00

Between 46 and 179 days, 4.50, 4.75, 5.00, 5.25

from 180 to 210 days 5.25, 5.75, 6.25,

From 211 days to under a year, 5.75, 6.00, 6.25, and 6.50

Between one and two years 6.80 6.80 7.30 7.30

Three years or less: 7.00 7.00 7.50 7.50

Three to five years or less: 6.50, 6.75, 7.00, 7.25

Five and ten years, respectively, 6.50 6.50 7.50 7.50 *

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

Examine the returns for the first, second, and third years if you invested Rs 5 lakh in an FD and are curious about the amount of return you would get now.

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 interest of Rs 74,441 with a 7% return on a Rs 5 lakh fixed deposit (FD) for a period of two years. At maturity, you will receive Rs 5,74,441.

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 get Rs 1,11,196 in interest. On maturity, however, you will get Rs 6,11,196.