SBI hikes fixed deposit rates: State Bank of India, the country's largest lender, has increased its fixed deposit (FD) interest rates in select maturities. The hike ranges from 0.25 per cent to 0.75 per cent, which means you are going to get more benefits on deposits. The new interest rates came into effect on Wednesday (May 15).

Which FDs will give you more interest now?

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State Bank of India has increased interest rates on FDs below Rs 2 crore. The rate has been increased on three tenures. These are 46 days to 179 days, 180 days to 210 days, and 211 days to less than 1 year. The highest interest rate currently available is for a tenure of 2 years to less than 3 years. However, it has not been revised. It is still at 7 per cent. Senior citizens are getting the highest interest of 7.50 per cent in this tenure as well as in 5 years and up to 10 years tenure.

 

SBI Calculation

How much return will you get on FDs of Rs 5 lakh?

On an FD of Rs 5 lakh, are you wondering how much return you will get now? Look at the returns on the tenures of 46 days to 179 days, 180 days to 210 days, and 211 days to less than 1 year.

46 days to 179 days (5.50)
With the interest rate of 5.50 per cent per annum on an FD of Rs 5 lakh for 179 days, your interest income will be Rs 13,575, and on maturity, you will get Rs 5,13,575.

180 days to 210 days (6%)
On an FD of Rs 5 lakh for 210 days, you will earn interest of Rs 17,428 at 6 per cent annum, and on maturity, you will get Rs 5,17,428.

211 days to less than 1 year (6.25%)
Interest on an FD of Rs 5 lakh for 1 year, now you will earn Rs 31,728 just from interest, and you will get Rs 5,31,728 on maturity.