SBI New FD Rates 2023: The bank has increased the rates on deposits in some tenures by 25 to 50 basis points, which means that now you are going to get more benefits on deposits. These new interest rates have already been implemented from 27th December i.e. today.
The country’s leading government bank State Bank of India has given good news to its customers. The bank has increased the interest rates on its fixed deposits. Before the new year, good news has come from the bank. Now the bank has increased the deposits in some tenures by 25 to 50 basis points, which means that now you are going to get more benefits on deposits. These new interest rates have already been implemented from 27th December i.e. today.
On which tenure FDs will you get the benefit?
State Bank of India has increased the interest rates on FDs below Rs 2 crore. If we talk about tenure, the rate has been increased on all tenures except FDs within 1 year to 2 years, 2 years to 3 years and FDs within 5 years. The highest interest rate currently available is available on tenure of 2 to 3 years. However, it has not been revised. It is still at 7 percent only. Senior citizens are getting the highest interest of 7.50 percent in this tenure.
| General Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Existing Rates for Public w.e.f. 15/02/2023 | Revised Rates for Public w.e.f. 27/12/2023 | Existing Rates for Senior Citizen w.e.f. 15/02/2023 | Revised Rates for Senior Citizen w.e.f. 27/12/2023 |
| 7 days to 45 days | 3.00 | 3.50 | 3.50 | 4.00 |
| 46 days to 179 days | 4.50 | 4.75 | 5.00 | 5.25 |
| 180 days to 210 days | 5.25 | 5.75 | 5.75 | 6.25 |
| 211 days to less than 1 year | 5.75 | 6.00 | 6.25 | 6.50 |
| 1 Year to less than 2 years | 6.80 | 6.80 | 7.30 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.00 | 7.50 | 7.50 |
| 3 years to less than 5 years | 6.50 | 6.75 | 7.00 | 7.25 |
| 5 years and up to 10 years | 6.50 | 6.50 | 7.50 | 7.50* |
How much return will you get on FD of Rs 5 lakh?
- If you have made an FD of Rs 5 lakh and are wondering how much return you will get now, then look at the returns on tenure of 1, 2 and 3 years.
- According to the interest rate of 6.80% on FD of Rs 5 lakh for 1 year, your interest income will be Rs 34,877 and on maturity you will get Rs 5,34,877.
- On FD of Rs 5 lakh for 2 years, you will earn interest of Rs 74,441 at 7 percent return and on maturity you will get Rs 5,74,441.
- Now the bank has increased the interest on FD of Rs 5 lakh for 3 years to Rs 6.75, now you will earn Rs 1,11,196 just from interest. And you will get Rs 6,11,196 on maturity.
