SBI FD rates

SBI increases FD rates across tenures after 2-year period

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The State Bank of India, after almost a 2-year period, announced an increase in Fixed Deposit rates across tenures on Wednesday, 28th March 2018.

For deposits under Rs. 1 crore for tenures between 2 and 3 years, the bank increased the rate by 10 basis points from 6.50% to 6.60%. For tenures between 3 and 5 years, rates were increased by 20 basis points from 6.50% to 6.70%, and for tenures between 5 and 10 years, the rates were increased by 25 basis points from 6.50% to 6.75%.

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A notable rate increase was for deposits between Rs. 10 lakh and Rs. 10 crore – the interest was increased for the 1 year – 2 year tenure period to 7.00% from the previous 6.75%. Furthermore, the FD rate for deposits above Rs. 10 crore was also increased to 7.00%.

Below is a table reflecting new rate changes that came into effect.

Deposit Amount (in Rs.) Tenure New Rate (% p.a.)
< 1 crore 2 years – 3 years 6.60%
< 1 crore 3 years – 5 years 6.70%
< 1 crore 5 years – 10 years 6.75%
10 lakh – 10 crore 1 year – 2 years 7.00%
> 10 crore 1 year – 2 years 7.00%

 

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