New Delhi, February 16: The country's largest lender State Bank of India (SBI) has increased interest rates on some fixed deposits (FDs) by up to 15 basis points or 0.15 percent, starting February 15, 2022.
The interest rate on fixed deposits for tenure from three years to less than five years has been raised to 5.45 percent, up from 5.30 percent. While, for senior citizens, the rate has been hiked to 5.95 percent from 5.80 percent, according to the SBI website.
The interest rate on FD for tenure two years to less than three years has been increased by 10 basis points to 5.20 percent, up from 5.10 percent. For the senior citizens, the rate has been hiked to 5.70 percent, higher from the earlier 5.60 percent.
For the FDs of five years to 10 years tenure, the interest rate has been raised to 5.50 percent from the earlier 5.40 percent. For senior citizens, the rate has been raised to 6.30 percent, up from the previous 6.20 percent.
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These hiked rates are only applicable for FDs worth less than Rs 2 crore.
Meanwhile, the interest rates on FD of tenure below two years have been left unchanged by SBI. Notably, the SBI hiked the interest rate of FDs below Rs 2 crore with a tenure of 1 year to less than 2 years by 10 basis points in January 2022. These FDs will now earn 5.1 percent, up from 5%, with effect from January 15, 2022. Senior citizens will earn 5.6%, up from the earlier 5.5 percent.
Furthermore, the Reserve Bank of India (RBI) has decided to keep the repo and reverse repo rates unchanged at its bi-monthly monetary policy review announced on February 10.
The Central Bank of India and UCO bank revised Fixed Deposit (FD) interest rates for amounts under Rs 2 crore effective February 10, 2022, a day after the RBI Monetary Policy announcement.
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-PTC News