Updated Dec 21, 2021 | 07:01 IST

New Delhi: The State Bank of India (SBI) has declared an increase in the interest rate of FDs of more than ₹2 crores. This declaration, which came into effect on December 15, 2021. The hike in its interest rate is provided for the new deposits and the ones whose accounts have matured. SBI has frozen its interest rates on FDs under Rs 2 crore. On the basis of the domestic deposits, the bank has concluded to raise the high-value deposits over the range of Rs 2 crore by 10 basis points.

SBI FDs between 7 days to 10 years will give 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. These rates are effective from 8 January 2021.

• 7 days to 45 days - 2.9%
• 46 days to 179 days - 3.9%
• 180 days to 210 days - 4.4%
• 211 days to less than 1 year - 4.4%
• 1 year to less than 2 years - 5%
• 2 years to less than 3 years - 5.1%
• 3 years to less than 5 years - 5.3%
• 5 years and up to 10 years - 5.4%

The country's top lender has increased the benchmark lending rate or base rate by 0.1%. With the increase, the revised base rate is 7.55%, as per the information posted on SBI's website. The new rate is effective from December 15, 2021. The decision is not going to affect those who have taken loan since January 2019 but those before that.