SBI Fixed Deposit Interest Rate jumped to 10.5% in past. Know interesting history as HDFC Bank changes rates

 SBI Fixed Deposit interest rate history: There was a time when the State Bank of India (SBI) was offering over 10% FD interest rate to its customers.

SBI Fixed Deposit interest rate history: While HDFC Bank is in the news for launching two special fixed deposit schemes with higher interest rates, there was a time when the State Bank of India (SBI) was offering over 10% FD interest rate to its customers.

The interesting history of SBI Fixed Deposit interest rates deserves a relook as several banks have been increasing their interest rates while experts believe there is still room for some more hikes. Recently, a small finance bank announced a 9.6% interest rate on 5-year deposits to senior citizens and 9.1% for others.

The history of SBI Fixed Deposit interest rates available on the bank’s website shows that the interest rate for FD 1 year to less than two years was fixed at 10% on August 16, 2008. The rate remained the same for this tenor till October 1, 2008 but was subsequently reduced. The current FD rate offered by SBI for this tenor is 6.8%.

Also Read: Winning Strategies for Senior Citizen Fixed Deposit Now

For deposits of 1000 days, SBI increased the interest rate to 10.5% on October 1, 2008, which was revised to 10% on December 1, 2008.

On many occasions since 2008, SBI has offered over 9% interest on FDs of different tenors. However, in the last 5 years, the public sector bank has never offered more than 7.1% interest to general citizens on FDs of any tenor.


Currently, the highest FD rate offered by SBI is 7.1% for general citizens under the Amrit Kalash Deposit scheme. The bank is also offering 7% interest to the general public on deposits of 2 years to less than 3 years. The highest interest rate offered by SBI to senior citizens is 7.6% under Amrit Kalash deposits of 400 days.

As several banks have recently increased their FD rates, it is expected that SBI may also provide some delight to depositors soon.

Meanwhile, HDFC Bank has launched two special fixed deposit schemes offering interest rates of 7.20% for a 35-month term and 7.25% for a 55-month term. Senior citizens will get 50 basis points more. The bank is also offering 7% on deposits maturing between 18 months and 10 years.

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Watchtower opens atop Daringbadi’s highest hill

 

Daringbadi: Daringbadi in Kandhamal district which is known as the Kashmir of Odisha added another feather to its cap following the unveiling of a watchtower constructed atop the highest hill in Greenbadi panchayat. Joining as the chief guest, G Udayagiri MLA Saluga Pradhan inaugurated the watchtower in the presence of Daringbadi block chairperson Susant Kumar Pradhan, BDO Gadadhar Patra, tehsildar Ashok Kumar Das and Zilla Parishad member Ranjan Kumar Pradhan, Thursday.

Speaking to media persons, BDO Patra said that at the outset roads have been expanded by cutting the hills to help tourists visit the watchtower and experience the panoramic scenery of the tourist spot. In the coming days, the pucca road will be built up to the watchtower, and guard walls will be erected around it for the safety and convenience of the visiting tourists, he said. Reports said that Daringbadi as a tourist site has carved out a special niche for itself in the tourism map of the country. Tourists from various parts of the country and foreign countries flock to Daringbadi between September and March to spend some quality time in the lap of nature. Situated at a height of about 3,000 feet above sea level, it is an ideal summer getaway popularly known as the ‘Kashmir of Odisha’ as it is the only place in the whole state which experiences snowfall during winter. The place is also gifted with natural bounties such as pine jungles, coffee gardens, and beautiful valleys.

In light of these facts, the block administration is giving a facelift to some tourist sites in the area such as the Hill View Point, Midubanda Waterfall, and Lovers’ Point in the area. Currently, the renovation of Hill View Park is underway while the developmental works undertaken near Patabandha waterfall were unveiled last month.

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