SBI hikes fixed deposit rates: SBI raises FD rates by up to 50 basis points; check latest FD rates here

SBI hikes fixed deposit rates: The State Bank of India has increased interest rates on its fixed deposits (FD). The bank has increased the deposit rates by 25 to 50 basis points in some tenures, which means you are going to get more benefits on deposits. The new interest rates came into effect on Wednesday (December 27).

Which FDs will give you more interest now?

State Bank of India has increased interest rates on FDs below Rs 2 crore. 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 for a tenure of 2 to 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.

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 1, 2, and 3 years.

• With the interest rate of 6.80 per cent per annum on an 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 an FD of Rs 5 lakh for 2 years, you will earn interest of Rs 74,441 at 7 per cent annum, and on maturity, you will get Rs 5,74,441.
• Interest on an FD of Rs 5 lakh for 3 years, now you will earn Rs 1,11,196 just from interest, and you will get Rs 6,11,196 on maturity.