The State Bank of India (UK) has raised the interest rates on its range of products after the announcement by the Bank of England to increase the base rate. The rate of increase is from 35bps to 100bps. The new rates are effective from 22 June 2022.
The new interest rates are: Instant Access - 0.75%; 35 Days Notice -1.05%; Flexi ISA -0.95%; Limited Access - 0.95%.
Rates for Fixed Deposits have also changed: 1-year Fixed Deposit- 2.30%; 2- year Fixed Deposit - 2.55%; 3-year and 5-year are both 2.80%, while 5-year Green Deposit is now 2.85%.
What for ISAs, they resulted in: for 2-year - 2.25%, while 3-year and 5-year are both 2.50%.
Sanjay Pandey, ED SBI UK said to Asian Voice, "Our Bank has revised the rates in line with the market and to provide attractive investment options at very competitive rates to our valued customers."
