SBI FD Rate Hike: State Bank of India (SBI) has increased its fixed deposit interest rates on retail deposits (up to ₹2 crore) for some period. According to the bank’s website, the new FD rates are effective from today, May 15, 2024.
SBI has increased interest rates by 25-75 basis points (bps) on tenures of 46 to 179 days, 180 to 210 days and 211 to less than one year. The public sector bank last increased the interest rates on FD on December 27, 2023.
SBI hikes FD rates: New rates will be applicable from today
State Bank of India (SBI) offers different fixed deposit (FD) interest rates depending on the tenure of the deposit. The interest rate for short term deposits ranging from 7 days to 45 days is 3.50%.
For deposits between 46 days to 179 days the rate increases to 5.50%. The interest rate for 180 days to 210 days is 6.00%. Interest rate of 6.25% is available on deposits kept for a period of 211 days to less than one year.
For tenure from 1 year to less than two years, the interest rate is as high as 6.80%. This rate reaches its high of 7.00% on deposits of 2 years to less than 3 years.
For tenures from 3 years to less than five years, the interest rate reduces slightly to 6.75%. Finally, for long term deposits ranging from five years to 10 years, the interest rate is 6.50%.
- 7 days to 45 days 3.50%
- 46 days to 179 days 5.50%
- 180 days to 210 days 6.00%
- 211 days to 1 year 6.25%
- 1 year to less than 2 years 6.80%
- 2 years to less than 3 years 7.00%
- 3 years to less than 5 years 6.75%
- 6.50% for 5 years and 10 years
Separate rates for senior citizens
Senior citizens get an additional 50 basis points (BPS) on their fixed deposits with State Bank of India (SBI). After the recent rate hike, SBI offers interest rates ranging from 4% to 7.5% for senior citizens for deposit tenures between seven days to ten years. Specifically, the rates are 4% for deposits of 7 days to 45 days, 6.00% for 46 days to 179 days and 6.5% for deposits of 180 days to 210 days.
The rate of 6.75% is available on deposits kept for a period of 211 days to less than one year. For tenures of 1 year to less than two years, the rate is 7.30%, while deposits of 2 years to less than three years offer the highest rate of 7.50%. The interest rate for deposits from 3 years to less than five years is 7.25%, and for longer term deposits from 5 years to 10 years the rate is also 7.50%.
- 7 days to 45 days 4%
- 46 days to 179 days 6.00%
- 180 days to 210 days 6.5%
- 211 days to 1 year 6.75%
- 1 year to less than 2 years 7.30%
- 2 years to less than 3 years 7.50%
- 3 years to less than 5 years 7.25
- 7.5% for 5 years and 10 years
