State Bank of India (SBI) and HDFC Bank, two of the country’s largest banks, have revised interest rates on fixed deposit investments. SBI, the country’s largest public sector bank, has raised its fixed deposit rate by 10 basis points or 0.10%.
The state-owned bank has raised the interest rate on FDs with maturities of 1 year to less than 2 years to 5.1% from 5.0%. Seniors will continue to receive 0.50% FD investment rate. Seniors who invest in an FD for a period of 1 to less than 2 years will now receive 5.60% interest, which is 0.10% higher than the previous rate of 5.50%, according to the SBI website.
SBI FD policy rates for other tenures remain unchanged. The latest rates apply to FDs below Rs 2 crore with effect from Saturday 15th January 2022.
On the other hand, HDFC Bank has raised FD rates by 5 to 10 basis points for some maturities. The revised FD rate applies to FDs worth less than Rs 2 crore with effect from January 12, 2021.
“Good news! From January 12, 2022, if the amount is < 2 Cr, there will be an increase in the interest rate on fixed deposits with a tenor of 3 years 1 day to 5 years. Book HDFC Bank FD now: hdfcbk.io/3ZXV3CKLGJnA *Terms apply and Conditions. Rates are subject to change,” HDFC Bank said in a notice sent to customers via text message.
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