The largest lender in the nation, State Bank of India, has raised the interest rates on its fixed deposit (FD) products for a few different maturities. The increase is between 0.25 and 0.75 percent. On Wednesday, May 15, the new interest rates went into force.
SBI Interest Rate on FDs
Rates on savings accounts (FDs) under Rs 2 crore have been raised by State Bank of India. For three distinct tenures, the rate has been raised. They are: 211 days to less than a year; 180 days to 210 days; and 46 days to 179 days.
Calculating Interest Rates on Rs. 5 lakh FDs
The interest rates on a Rs 5 lakh fixed deposit are listed below for the following terms: 46 days to 179 days, 180 days to 210 days, and 211 days to less than a year.
Between 46 and 179 days (5.50) If you have a fixed deposit of Rs 5 lakh for 179 days at a 5.50 percent annual interest rate, you will receive interest of Rs 13,575 and Rs 5,13,575 at maturity.
Between 180 and 210 days (6%). You would get interest of Rs 17,428 at a rate of 6 percent annually on a Rs 5 lakh fixed deposit (FD) for 210 days. At maturity, you will receive Rs 5,17,428.
From 211 days to under a year (6.25%) You will get Rs 31,728 in interest on a Rs 5 lakh fixed deposit account (FD) for a year, and you will receive Rs 5,31,728 at maturity.
The highest interest rate that is currently offered is for a term that ranges from two to less than three years. However, it hasn't been updated. It remains at seven percent. Seniors receive the highest interest rate of 7.50 percent throughout this term, as well as in terms of five and ten years.
