SBI FD Rates: Now more interest will be available on FD, SBI increased interest rates by 0.65 percent

SBI Hikes FD Rates: Now you will get more interest on getting FD in banks. The country’s largest public sector bank SBI has announced an increase in the interest rates of fixed deposits of different tenures. SBI has increased the interest rates on FDs from 25 basis points to 65 basis points, which has come into effect from December 13, 2022 itself.

Will get more interest on FD

SBI has increased the interest rates on fixed deposits up to Rs 2 crore. Now 5.75 percent interest will be available on FDs with a period of 211 days to 1 year, which used to get 5.50 percent earlier. On the other hand, 65 basis points more i.e. 6.75 percent interest will be available on FDs of one year to less than two years, which used to get 6.10 percent earlier.

FD rate hike after repo rate hike

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On 8 December 2022, the RBI decided to increase the rates of fixed deposits for the fifth consecutive time. Since then speculations were being made that government as well as private banks would increase the interest rates on FDs.