State Bank of India (SBI), the country’s largest public-sector bank, has introduced a new fixed deposit (FD) plan with updated interest rates and additional benefits to its depositors. This new plan aims to attract customers by offering competitive interest rates and greater flexibility.
Besides, SBI provides annual interest rates of 3.50-7.10% for individuals below 60 and 4 to 7.60% for senior citizens on fixed deposits with durations spanning from 7 days to 10 years. The SBI Tax Saving FD offers an interest rate of 6.50% per annum for the general public and 7.50% per annum for senior citizen depositors.
Effective April 12, 2023, the specialised tenor scheme known as “400 days” (Amrit Kalash) offers a competitive interest rate of 7.10%. Senior citizens enjoy an elevated rate of interest at 7.60%. This exclusive scheme remains in effect until March 31, 2024, providing a limited-time opportunity for eligible individuals to benefit from these favourable interest rates.
SBI’s new FD scheme holds attractive features for senior citizens. Titled ‘SBI Wecare,’ this new deposit plan for senior citizens ensures a higher interest rate compared to regular FDs.
The SBI Green Rupee Term Deposit is accessible for three distinct tenors: 1111 days, 1777 days, and 2222 days. For retail deposits, the interest rates are set at 10 basis points below the Card Rate, presenting a competitive offering for individuals seeking environmentally conscious investment options.
Also read: ITR filed, refund not received yet? Here’s how you can keep a track and what to do when it’s late
Also read: DBS Bank India and CRISIL study reveals 50% of salaried women have never taken a loan
One of the key benefits of the new SBI FD plan is that it offers a loan facility to the customer against the deposit. The customers can avail loans up to 90% of the principal amount and accrued interest.
SBI’s new FD plan with revised interest rates and additional perks is a commendable move to benefit its customers and promote savings under its umbrella. However, one must know that the interest rate is subject to periodic changes, and the bank communicates any such alterations to the customer in advance.
Effective December 27, 2023, there is a revision in the interest rates on Retail Domestic Term Deposits (Below Rs. 2 crore). The revised interest rates are as follows (Rates in % p.a):