SBM Bank FD Rates
The bank now offers an interest rate of 4.25% on deposits that mature in the next 7 to 90 days, while SBM Bank now offers an interest rate of 4.8% on deposits that mature in the next 91 to 120 days. The interest rates offered by SBM Bank are now 5% for deposits maturing in 121–180 days and 5.75% for deposits maturing in 181–269 days.
Deposits maturing in 270 days to below 1 year will now fetch an interest rate of 6% and those maturing in 1 year to 366 days will now fetch an interest rate of 6.75%. On deposits maturing in 367 days, the bank is offering an interest rate of 6.4% and on those maturing in 368 days to 389 days will now fetch an interest rate of 6.75%. SBM Bank is now promising an interest rate of 6.4% on a tenor of 390 days and an interest rate of 6.75% on a deposit tenor of 391 days to 18 months.
Deposits maturing in 18 months to 2 years 3 days will now fetch an interest rate of 6.4% and those maturing in 2 years 3 days will now fetch an interest rate of 6.6%. On a deposit tenor of 2 years 3 days up to 3 years 2 days, the bank is offering an interest rate of 7% and on a tenor of 3 years 2 days, SBM Bank is offering an interest rate of 6.6%. On a deposit tenor of 3 years 2 days to 10 years, the bank is offering an interest rate of 7%.
The bank offers senior citizens an additional 0.5% benefit on deposits made by resident Indians exclusively. Meanwhile, IOB, PNB, and Karnataka Bank have all announced hikes in interest rates on fixed deposits under ₹2 Cr, effective as of the first day of the new year. For maturities ranging from 7 days to 10 years, Karnataka Bank is now providing interest rates in the range of 5.25% to 5.80%. Karnataka Bank is now providing a maximum interest rate of 7.30% for the general public and 7.70% for senior citizens on deposits with a 555-day tenure.
A hike in fixed deposits under ₹2 Cr by 75 bps has been officially announced by Indian Overseas Bank (IOB). The new FD rates for IOB are in force as of January 1, 2023. The bank raised FD interest rates on short-term deposits with tenors of 7 to 90 days as a result of the adjustment. PNB has declared an increase in interest rates for fixed deposits under ₹2 Cr and savings bank accounts. At PNB, interest rates on savings accounts have hiked by 25 basis points, while interest rates on fixed deposits across a range of tenors have raised by up to 50 basis points as of January 1, 2023.
