India largest lender, the State Bank of India (SBI), on Saturday announced that it has increased interest rates on fixed deposit (FD) by up to 10 basis points or 0.10%.
According to the SBI website, the interest rate on fixed deposits for tenure 1 year to less than 2 years has been increased to 5.1% from 5.0%. For senior citizens the rate is increased from 5.50% to 5.60%.
This interest rate is applicable on FDs below ₹2 crore.
The new rate is effective from 15 January 2022.
The interest rates on FD of other tenure remains unchanged.
SBI offers the highest interest rate of 5.40% on FD for tenure from 5-10 years. .
For FD of tenure two years to less than three years, the interest rate stands 5.10%. For tenure of three years to less than five years the interest rate is 5.30%.