The largest Indian commercial bank, State Bank of India (SBI), has revised its fixed deposit (FD) interest rates in select maturity tenures.
SBI FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to fix deposit interest rates, the highest rate offered on SBI FD is 5.40 percent.
The SBI said that the new FD rates have become applicable from 8 January 2021 on all retail FDs which are under Rs 2 crore. SBI has also increased the FD yield by 10 bps on fixed deposits for one year to less than two years.
It is to be noted that the proposed SBI FD rates will be applicable on fresh deposits and renewed maturing deposits.
SBI Revised Fixed Deposit Interest Rates January 2021
| Tenure | FD Interest Rates | Senior Citizen FD Interest Rates |
|---|---|---|
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to 364 days | 4.40% | 4.90% |
| 1 year to 1 year 364 days | 4.90% | 5.40% |
| 2 years to 2 years 364 days | 5.10% | 5.60% |
| 3 years to 4 years 364 days | 5.30% | 5.80% |
| 5 years to 10 years | 5.40% | 6.20% |
SBI New Interest Concessions on Home Loans
With an aim to offer attractive concessions to the home buyers, the country's largest lender is also offering further interest concession of upto 30 bps on home loans and 100 percent waiver on processing fees.
"SBI, being a leader in home finance, will continue to make endeavours in reviving consumer sentiments and has been offering various offers on home loans from time to time," the lender said in a statement.
Accordingly, SBI home loan interest rates are linked to CIBIL score and start from 6.80 percent for loans upto Rs 30 lakh and 6.95 percent for loans above Rs 30 lakh.
"Interest concessions up to 30 bps are also available in 8 metro cities for loans up to Rs 5 crore."
(with inputs from IANS)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)