SBI Increases Fixed Deposit Interest Rates

Updated: Wednesday, November 28, 2018, 13:19 [IST]

The State Bank of India (SBI) has increased its interest rates offered on term or fixed deposits of select maturity period for retail deposits less than Rs 1 crore. The lender had revised its rates at the end of October as well. The new rates are effective from 28 November.

Tenure	Existing interest rate (%) w.e.f. 30.07.2018	Revised interest rate (%) w.e.f. 28.11.2018	Existing senior citizen interest rate (%) w.e.f. 30.07.2018	Revised senior citizen interest rate (%) w.e.f. 28.11.2018
7 days to 45 days	5.75	5.75	6.25	6.25
46 days to 179 days	6.25	6.25	6.75	6.75
180 days to 210 days	6.35	6.35	6.85	6.85
211 days to less than 1 year	6.4	6.4	6.9	6.9
1 year to less than 2 year	6.7	6.8	7.2	7.3
2 years to less than 3 years	6.75	6.8	7.25	7.3
3 years to less than 5 years	6.8	6.8	7.3	7.3
5 years and up to 10 years	6.85	6.85	7.35	7.35

SBI offers fixed deposits for tenures ranging from 7 days to 10 years. The interest rates are only revised for tenures over 45 days. Interest rates for higher tenures, that is, deposits for 3 or more years, were not revised. SBI staff and pensioners will get 1 percent additional interest rate. Senior citizens and SBI pensioners will receive an additional interest of 0.50 percent.

The revised rates were applicable on all fresh deposits and renewal of maturing deposits.