The largest bank in the country SBI raised the interest rate on FD

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New Delhi: There is good news for the clients of the country’s largest bank SBI. The Bank increased interest rates on term deposits, i.е. PD, up to 20 basis points. This increase was made for all tenures. The new interest rates will apply to FDs below Rs 2 crore. As reported on the bank’s website, the increased rates will be effective from October 15, 2022. The Bank raised interest rates on term deposits of individuals after a two-month break. FD interest rates have been increased by 10-20 basis points.

How much interest will be received below two crores
SBI increased the interest rate on FD from seven to 45 days from 2.90% to 3%. Similarly, it was reduced to four percent for a period of 46 to 179 days. Previously, it was 3.90%. After this increase, the interest rate on time deposits of individuals for a period of 180 to 210 days increased from 4.55% to 4.65%. The bank cut the FD interest rate from 211 days to less than one year to 4.70 percent. Previously, it was 4.60%.

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Likewise, it was increased from 5.45 percent to 5.60 percent over a period of one to two years. From two to three years, the interest rate will now be 5.65% instead of 5.50%. In a period of three to five years, its rate increased from 5.60% to 5.80%. The share of FD for a period of five to 10 years increased from 5.65% to 5.85%.

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Interest in the FD of pensioners has also grown
The bank also increased the interest rate on pension FDs by 10-20 basis points. This increase was made for FD to Rs 2 crore. For a period of seven to 45 days, instead of 3.4%, an interest rate of 3.5% will now be available. It has been increased from 6.45 to 6.65 percent for a period of five to ten years. On September 30, the RBI raised the repo rate by 50 basis points. After that, many public and private banks increased the interest rate on FD.

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