We all know that SBI(State Bank of India)is a leading public sector bank runned under the ownership of the government. SBI is abide to the government’s regulations especially by the guidelines of the RBI(Reserve Bank of India)
As RBI gives hint to hike interest rates further, SBI has hiked interest rates on the long term deposits. As SBI has hiked interest rates slightly for short-term(1 Year)in January 2022, now it’s the turn of the long term deposits(above 2 Years and below 10 years).
As per the recent notification released by SBI, long-term Fixed Deposit interest rates are as below-
|Deposit Tenure||Applicable Interest Rate||Increased by (Basis Points)|
|2-3 Years||5.20%||10 Basis Points|
|3-5 Years||5.45%||15 Basis Points|
|5-10 Years||5.50%||10 Basis Points|
There is no change in the interest rates of the term deposits below 2 years as SBI has hiked it’s interest rates to 5.1%(10 Basis Points Hike)recently in January 2022. Senior citizens will be entitled 5.6% interest rate(10 basis points hike+0.50% additional interest).
So if you have surplus money and aiming it to invest for long-term(For risk-averse investors)it’s a golden opportunity to grab this offer.