SBI FD Rate: huge hike in Fixed Deposit Interest Rate
It is learned that this is the most important decision taken by SBI in the last 10 months in the interest of customers. The new interest rate will be a huge advantage for those who keep a maximum fixed deposit of Rs 2 crore in State Bank of India.
SBI FD Rate: State Bank of India (SBI)has given good news to fixed depositors. SBI has hiked interest rates on fixed deposits (SBI FD Rates) by 50 basis points. That means, the interest rate will be 0.50% higher than the interest rate that was available till now on Fixed Deposit .
It is learned that this is the most important decision taken by SBI in the last 10 months in the interest of customers. The new interest rate will be a huge advantage for those who keep a maximum fixed deposit of Rs 2 crore in State Bank of India. Along with this, after Bank of India, Federal Bank, Kotak Mahindra Bank and DCB Bank, SBI is the bank that has increased the interest rate on FD.
It is known that the number of FD depositors will increase in the coming days due to the increase in interest rate on FD.
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State Bank of India Fixed Deposit new interest rate:
Fixed Deposit Renewal Interest Rate 180-210 days 6.25% 211 days to 1 year 6.50% 1-2 years 7.30% 2-3 years 7.50% 3-5 years 7.25% 5-10 years 7.50%.
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What is the reason for Fixed Deposit interest rate hike:
After the coronavirus crisis, the economy is on the way to prosperity. This has increased the turnover in banks. Also, the Reserve Bank of India (RBI) has not made any change in the repo rate since last April. There is little possibility of any change in the repo rate in the coming days as well.
So that people do not have the burden of paying high EMI on home loan. So, many banks including SBI are increasing interest rates on fixed deposits to attract more deposits from people, sources said.
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