SBI interest rate updates: The State Bank of India (SBI), the country’s largest public sector bank, has increased interest rates on many of its deposit schemes, including its recurring deposit (RD) scheme. On February 15, 2023, the new interest rates have come into effect. The minimum investment for an SBI RD account is Rs100, and the scheme has tenures ranging from 12 months to 10 years. (SBI interest rate updates)
SBI offers interest rates ranging from 6.5 percent to 7% on its RD scheme to general customers, with senior citizens receiving an additional 50 basis points. Following the most recent increase, the interest rates that general customers will receive on their RD schemes for various tenures are as follows:
- RD for 1-2 years – 6.80 per cent
- RD for 2-3 years – 7.00 per cent
- RD for 3-5 years – 6.5 per cent
- RD for 5-10 years – 6.5 per cent
Read More :-SBI HIKES INTEREST RATE FOR FIXED DEPOSIT, SEE THE REVISED RATES
SBI has also raised interest rates on its fixed deposit (FD) plans. The bank offers FDs ranging from 7 days to 10 years with interest rates ranging from 3.00% to 6.50% for general citizens and 3.50% to 7.25% for senior citizens. SBI is offering a 6.80 percent interest rate on FDs up to Rs. 2 crore with a term of 1 to 2 years. For general citizens, the bank is offering 6.50 percent interest on FDs of 2 to 3 years, 3 to 5 years, and 5 to 10 years, with senior citizens receiving an additional 0.50 percent on each tenure.
SBI has also launched a 400-day special FD scheme with a 7.10% interest rate for general customers until March 31, 2023. Interest rates on FDs of more than Rs. 2 crore have been raised by 25 to 75 basis points by SBI.
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