SBI gave Diwali gift to its customers, increased FD interest rates

If you are planning to invest in FD, then there is good news for you. State Bank of India (SBI), the country's largest state-run bank, has increased FD interest rates by 20 basis points or 0.20 percent. According to the bank's website, the new interest rates have come into effect from October 15 on FDs of less than two crores.

SBI has increased FD interest rates after almost two months. Interest rates have been hiked in the range of 10 basis points to 20 basis points i.e. 0.10 per cent to 0.20 per cent.

According to the SBI website, now investors will be given an interest of 3 percent instead of 2.90 percent for 7 days to 45 days. Similarly, interest of 4 percent will now be given on FDs ranging from 46 days to 179 days, which was 3.90 percent earlier. The interest on FDs from 180 days to 210 days has now increased from 4.55 percent to 4.65 percent. Now the interest on FDs of tenure from 211 days to less than one year has been increased from 4.60 percent to 4.70 percent by the bank.

The interest rate on FDs of more than one year and less than two years has increased from 5.45 percent to 5.6 percent. FDs of more than two years and less than three years will now get an interest of 5.65 percent instead of 5.50 percent. Interest on FDs of more than three years and less than five years has now been increased from 5.60 per cent to 5.80 per cent. Interest on FDs of more than five years and less than 10 years has been increased from 5.65 percent to 5.85 percent.