The State Bank of India (SBI) has raised its interest rates on fixed deposits under Rs. 2 crore by 10-20 basis points.
Senior citizens are the primary beneficiaries of this FD rate increase.
However, there is a subcategory of the elderly who receive an additional 1% on applicable FD rates.
The revised rates went into effect on October 15.
SBI resident Senior Citizen Pensioners will receive both the Staff (1%) and resident Indian Senior Citizens (0.50%) benefits.
Senior citizens who are SBI pensioners will get a maximum of 7.65% (6.65% + 1%) on 5 years and up to 10 years tenures.
In addition, SBI has introduced a special "SBI Wecare" deposit for Senior Citizens in the Retail TD segment.
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