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SBI hikes interest rates on long-term fixed deposits; check latest rates here

SBI hikes interest rates on long-term fixed deposits; check latest rates here

The interest rate on FD for tenure from three years to less than five years has been increased to 5.45 per cent from 5.30 per cent. 

State Bank of India State Bank of India

The country's largest public sector bank State Bank of India (SBI) has increased interest rates on long-term fixed deposits (FDs) by up to 15 basis points (bps) with effect from February 15, 2022.

The interest rate on FD for tenure from three years to less than five years has been increased to 5.45 per cent from 5.30 per cent. For senior citizens, the rate has been increased to 5.95 per cent from 5.80 per cent, according to the information available SBI’s website.

The interest rate on FD for tenure of two years to less than three years has been increased by 10 basis points to 5.20 per cent from the earlier 5.10 per cent. For senior citizens, the rate has been increased to 5.70 per cent from the earlier 5.60 per cent. For five years to 10 years tenure, the interest rate has been increased to 5.50 per cent from the earlier 5.40 per cent. For senior citizens, the rate has been increased to 6.30 per cent from 6.20 per cent.

These rates are applicable for FDs worth less than Rs 2 crore. SBI has left the interest rates on FDs for tenure up to two years unchanged.

In December 2021, SBI increased its base rate by 10 bps, according to its website. The new base rate, that is, 7.55 per cent per annum, will be effective from December 15, 2021.

Meanwhile, SBI had earlier stated that it is expecting to recover around Rs 8,000 crore from written-off accounts, including from NCLT resolved cases, in the current fiscal year to be ending on March 31, 2022.

During the third quarter ended December 2021, SBI recovered Rs 1,500 crore from written-off accounts and for the nine months during April-December FY22, the recovery amount stands at Rs 5,600 crore, SBI said in a post Q3 FY22 earnings call with analysts.

Bank's net profit during the quarter surged by 62.27 per cent to Rs 8,432 crore.

(With inputs from agencies)

Published on: Feb 16, 2022, 9:48 PM IST
Posted by: Aparna Banerjea, Feb 16, 2022, 9:45 PM IST