Effective May 15, 2024, the State Bank of India (SBI) has raised interest rates on fixed deposits (FDs) for specific tenures on deposits up to Rs 2 crore. New rates include 5.50% for 46-179 days, 6.00% for 180-210 days, and 6.25% for 211 days to less than a year. Rates for longer tenures remain unchanged. Senior citizens receive an extra 50 basis points. This hike aims to attract more investors looking for secure savings. Current FD rates in India range from 2.50% to 9.00% annually, with small finance banks and NBFCs offering the highest rates. FDs are favored for their guaranteed returns and ease of opening.
SBI Increases Fixed Deposit Rates to Attract Investors
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