State Bank of India (SBI) has announced the increase in interest rates on certain fixed deposits (FDs) by 5-25 basis points according to the SBI website.
The range of SBI’s FD interest rates lies between 3.00% - 7.10% for the general public and 3.50% - 7.50% for senior citizens for periods of 7 days to 10 years.
The new FD rates will be applicable on domestic fixed deposits of up to Rs 2 crore from February 15, 2023.
*Table from SBI Website
SBI has introduced a new specific tenor scheme of 400 days at the Rate of Interest of 7.10% w.e.f. for a limited time between February 15 to March 31, 2023.
The previous FD rate increase by the bank was on December 13, 2022, where interest rates for specific tenors were increased by 65 basis points.
The move by SBI is followed by the RBI’s decision to increase the repo rate by 25 basis points to 6.50% on February 8, 2023, in measures to control inflation.
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