Fixed deposit investors, Rejoice! SBI hikes interest rates on FDs by up to 10 basis points

State Bank of India (SBI) has increased the interest rate on fixed deposits (FD) for tenure 1 year to less than 2 years 5.1 per cent from 5.0 per cent.

New Delhi: In what could be good news for fixed deposit investors, the State Bank of India (SBI), on Saturday (January 15), increased interest rates on fixed deposit (FD) by up to 10 basis points or 0.10 per cent.

SBI has increased the interest rate on fixed deposits for tenure 1 year to less than 2 years 5.1 per cent from 5.0 per cent. For senior citizens, the rate for deposits, for tenure 1 year to less than 2 years, is increased from 5.50 per cent to 5.60 per cent, as per data available with the SBI website. However, the interest rates on FD of other tenure remains unchanged. 

The above-mentioned interest rate is applicable on FDs below Rs 2 crore. Moreover, the revised rate is effective from January 15, 2022. 

At present, SBI currently offers one of the highest interest rates of 5.40 per cent on FD for tenure from 5-10 years. For senior citizens, the interest rate on FD of tenure from 5 years and up to 10 years comes at 6.20 per cent. Also Read: Phone storage full? Here's how to create more space

Moreover, for deposits maturing in a minimum of two years to less than three years stands 5.10 per cent. Also, for deposits with a tenure of 3 years to less than 5 years, the interest rate is 5.30 per cent. Also Read: Budget 2022 Expectations: Healthcare firms seek reduction in GST, import duties; ease in FDI rules