New Delhi: The largest public sector bank in the country, State Bank of India (SBI) has increased the interest rates on fixed deposit (FD) accounts of more than Rs 2 crore. The new rate will be in effective from March 10, 2022. The increased interest rates are applicable on new deposits and renewals of term deposits.
As per SBI, customers will get 3.30% interest for fixed deposit maturing within 211 days to less than 356 days. At present, it is at 3.10%. Senior citizen investors will now receive returns at a 3.80% interest rate, up from 3.60%. SBI has increased the interest rate for FD accounts worth more than Rs 2 crore maturing anywhere from 1 year to up to 10 years to 3.60%. Senior citizens will get returns at 4.10%.
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SBI has recently also increased the interest rates for FD schemes worth less than Rs 2 crore. 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%.
Earlier several other public and private banks have increased interest rates on fixed deposit schemes. These banks include HDFC, ICICI, Axis Bank, Canara Bank and Bank of Baroda.
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