SBI updates: The largest public sector bank in the nation, State Bank of India (SBI), has increased interest rates on many of its deposit programs, including its recurring deposit (RD) program. On February 15, 2023, the new interest rates came into effect. SBI only requires a minimum investment of Rs. for an RD account. 100, and the program provides tenures of one to ten years.
On its RD scheme, SBI is providing general customers with interest rates ranging from 6.5% to 7%, and senior citizens are receiving an additional 50 basis points in interest rate. The following are the interest rates that general customers will receive on their RD plans for a variety of tenures following the most recent increase:
- RD for 1-2 years: 6.80%
- RD for 2-3 years: 7.0%;
- RD for 3-5 years: 6.5%;
- RD for 5-10 years: 6.5%
SBI has also increased the interest rates on its fixed deposit (FD) scheme. The bank is providing FDs with interest rates ranging from 3% to 6.5% for general citizens and 3% to 7.5% for senior citizens, with terms ranging from 7 days to 10 years. On FDs worth up to Rs, SBI is offering an interest rate of 6.80 percent.
2 crores over the course of one to two years. For general citizens, the bank is offering interest rates of 6.50 percent on FDs with terms of two to three years, five to ten years, and five to ten years, with senior citizens receiving an additional 0.50 percent on each tenure.
Additionally, SBI has made available to general customers a 400-day special FD scheme with an interest rate of 7.10 percent until March 31, 2023. The interest rates on FDs increased by more than Rs by SBI. 25 to 75 basis points, or $2 million.
Since May of last year, the Reserve Bank of India (RBI) has increased interest rates six times, up until this point. The repo rate increased by 25 basis points to 6.50 percent following the RBI’s most recent rate increase on February 8, 2023. As a consequence of this, numerous banks have increased the interest rates that they charge on deposits and loans.
