State Bank of India, on Wednesday has increased the fixed deposit (FD) rated for almost all of the tenors. According to the development, the new rates will be applicable on term deposits below Rs 2 crore and will come into effect from December 27, 2023.However, deposits which are for 1 year to less than 2 years tenor, has been retained at 6.80%, 2 years to less than 3 years tenor, has been retained at 7%, and deposits which are between 5-10 years has been retained at 6.50%, other tenors have all witnessed the hike. In addition to this, deposits which are for the tenor of 7-45 days, has also witnessed the change from 3% to 3.50%, while rates for the fixed deposits from 46-179 days has seen a hike of 0.25% and stands at 4.75%, after the change.Fixed deposits for 180-210 days tenor has also seen an increase by 0.25%, the rate has been increased from 5.25% to 5.75%, and the FDs for 211 days to less than a year tenor stands at 6% from 5.75%. FD rated for the deposits for 3 to less than 5 years has also seen an increase of 0.25%, and now stands at 6.75%.Rates for Senior CitizensFD rates for senior citizens have also been revised. The new rates for 1 year to less than 2 years, 2 years to less than 3 years and 5-10 years tenors, retained at 7.30%, 7.50% and 7.50% respectively. It is to be noted here that the move by the State Bank of India has come after all the major banks like Kotak Mahindra, Bank of India, DCB Bank, Federal Bank has revised the term deposit rates and Reserve Bank of India maintained the repo rate for the fifth consecutive time at 6.5%.
