State Bank of India raises the interest rates for Fixed Deposits!
Posted on: 30/Dec/2023 11:47:26 AM
The State Bank of India, the country`s largest bank, has announced a 0.5% increase in the interest rates for Fixed Deposits. The details of the notification released by the bank are as follows:
"The interest rate for Fixed Deposits in the bank has been raised by 50 basis points (0.5%).
This adjustment in interest rates will be effective from the 37th of December. It is important to note that this increase will only be applicable to specific periods of the relevant fixed deposits.
As a result, for Fixed Deposits with a duration of 180-210 days, the interest rate will be 5.75%, and for Fixed Deposits lasting 7-45 days, the interest rate will be 3.5%.
For Fixed Deposits with a duration of 211 days and above, the interest rate has been increased to 6%.
Furthermore, for Fixed Deposits with a maturity period exceeding 3 years, the interest rate will be 6.75%."
