Good news for SBI customers! Bank gives opportunity for higher returns, know details

Fixed deposits are a fantastic method to make investments with little risk, and they're also simple to understand. Following in the footsteps of the private sector's HDFC Bank, the State Bank of India (SBI) has raised its fixed deposit (FD) interest rates. According to SBI's homepage, the bank has upped the interest rate on FDs under Rs 2 crore by 10 basis points (bps), from 1 year to less than 2 years. These FDs will now pay 5.1% interest, up from 5%. The rate of interest on elderly accountholder FDs will be 5.6 percent, above 5.5 percent.

From January 15, 2022, the new SBI FD interest rates will be in operation. Except for FDs with tenures of 1 year to less than 2 years, the old interest rates apply to all FDs. SBI has the highest interest rate on FDs, at 5.40 percent for terms of 5 to 10 years. Senior citizens will benefit from an additional 50 basis points on these deposits.

Interest Rates on Fixed Deposits by other banks

Fixed deposit interest rates have been raised by HDFC Bank (FDs). Effective on January 12, 2022, higher interest rates will be applied to fixed deposits. FDs having a tenure time of two to three years will therefore offer 5.20 percent, while those with a maturity period of five to ten years would yield 5.60 percent. The rates of interest on all other tenured FDs have remained steady.

The interest rate on fixed deposits (FDs) has been raised by Kotak Mahindra Bank across all tenors, which are in effect on January 6, 2022. Following the most recent modification, Kotak Mahindra Bank now provides interest rates of 2.5 percent, 2.75 percent, and 3 percent for FDs due in 7 to 30 days, 31 to 90 days, and 91 to 120 days, respectively.