Bank will provide additional interest to senior citizens. The new rates have come into force with immediate effect. Only last week, Indian Overseas Bank also changed its deposit rates.
SBI’s big gift to crores of customers
3 weeks before the end of the year, SBI has given New Year’s gift to crores of customers. The bank has increased its FD rates for certain tenors. The increase in the new rates will be applicable from today itself. According to the bank, the changes in rates will be applicable for new deposits and renewal of maturing deposits. Along with this, senior citizens of the bank will also get additional interest at the new rates. The new rates will be applicable for deposits of less than Rs 2 crore. Recently, the Reserve Bank has changed the rates, the effect of which is being seen on deposit rates and loan rates and both are increasing.
How much increased interest rates
At present, an interest rate of 3 percent is being offered on FDs with maturity of 7 days to 45 days. At the same time, an interest rate of 3.9 percent is being offered on deposits with maturity between 46 days and 179 days. At the same time, the interest rate for the period between 180 days to 210 days is 5.25 percent.
With the same increase, the interest rate for more than 211 days and less than one year is 5.75 percent. At the same time, for more than one year and less than 2 years, 0.65 percent extra will be available in the interest rates. At the same time, the interest rate for more than 2 years and less than 3 years is 6.75 percent. For more than 3 years and less than five years and 5 to 10 years, the interest rate is 6.25 percent. Along with this, State Bank of India is giving additional 50 basis points interest to senior citizens. Along with this, rates between 3.5 percent to 7.25 percent are being offered to senior customers of the bank for different periods.
Depositors benefited from the change in key rates
Banks of the country are continuously increasing the deposit rates. In fact, due to the increase in the prime rates by the Reserve Bank, there has been an increase in the loan rates, due to which the banks have an opportunity to attract the deposits of the people and they are continuously increasing the deposit rates as well. Only last week Indian Overseas Bank (IOB) has increased interest rates on domestic, foreign currency non-resident (banking) fixed deposits.
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