SBI fixed deposit interest rates, base rates increased; Check out the new rates

The State Bank of India has announced an increase in interest rates on fixed deposits of more than Rs 2 crore. This was implemented early this week. SBI, India's largest public sector bank, raised its base rate by 0.10%, or 10 basis points, according to a statement on its website.

With the recent increase, the new interest rate has been set at 7.55%. This was also implemented on the same day this week. SBI cut its base rate by 0.5% earlier this year, resulting in interest rates of 7.45% for the bank's account holders.

All banks uniformly use the minimum rate of interest for deposits, fixed by the Reserve Bank of India. No bank, including the State Bank of India, is allowed to set a lower rate of interest for its customers than the base rate fixed by the central bank.

On fixed deposits, the State Bank of India in its website also added that the new rates will be applicable to fresh deposits as well as on maturing deposits that are to be renewed. NRO term deposit interest rates will be matched with domestic term deposit interest rates. The bank in its website further said that these interest rates will be also applicable in the case of domestic term deposits held by cooperative banks.

SBI FD interest rates, base rates increased

The increased rates by the State Bank of India took effect a week after the Reserve Bank of India's bi-monthly Monetary Policy Committee (MPC) meeting on December 8. Shaktikanta Das, the Governor of the central bank, indicated in a press conference that the repo rate would remain unchanged for the time being. The RBI has left the repo rate constant at 4% for the ninth time in a row, the lowest in the last 20 years.

SBI's new fixed deposit rates on deposits above Rs 2 crore come into effect from December 15, 2021:

• 7 days to 45 days For Public: 3%; For Senior Citizens: 3.50%
• 46 days to 179 days - For Public: 3%; For Senior Citizens: 3.50%
• 180 days to 210 days - For Public: 3.10%; For Senior Citizens: 3.60%
• 211 days to less than 1 year - For Public: 3.10%; For Senior Citizens: 3.60%
• 1 year to less than 2 years - For Public: 3.10%; For Senior Citizens: 3.60%
• 2 years to less than 3 years - For Public: 3.10%; For Senior Citizens: 3.60%
• 3 years to less than 5 years - For Public: 3.10%; For Senior Citizens: 3.60%
• 5 years and up to 10 years - For Public: 3.10%; For Senior Citizens: 3.60%

SBI's fixed deposit rates on deposits below Rs 2 crore come into effect from January 8, 2021:

• 7 days to 45 days - For Public: 2.90%; For Senior Citizens: 3.40%
• 46 days to 179 days - For Public: 3.90%; For Senior Citizens: 4.40%
• 180 days to 210 days - For Public: 4.40%; For Senior Citizens: 4.90%
• 211 days to less than 1 year - For Public: 4.40%; For Senior Citizens: 4.90%
• 1 year to less than 2 years - For Public: 5%; For Senior Citizens: 5.50%
• 2 years to less than 3 years - For Public: 5.10%; For Senior Citizens: 5.60%
• 3 years to less than 5 years - For Public: 5.30%; For Senior Citizens: 5.80%
• 5 years and up to 10 years - For Public: 5.40%; For Senior Citizens: 6.20%

(IMAGE: PTI)