SBI Hikes FD Interest Rate For Select Tenures: Check Details

After banks across private and public space have been hiking lending and deposit rates, the country's leading state run bank SBI also raised its deposit rates. The new hiked rates come into effect from August 13, 2022.

SBI Hikes FD Interest Rate For Select Tenures: Check Details

As per the bank's site, for deposits below Rs. 2 crore, the FD rates have been revised. Likewise, 180 days to 210 days FD at the bank shall now on fetch 4.55% return in comparison to 4.4% return earlier. Also, 1 year to less than 2 year FD with SBI shall now be reaping depositors a return to the tune of 5.45%, a hike by 15 basis points or 0.15% in comparison to the earlier rate of 5.3%.

Likewise, FD of maturity tenure ranging from 2 year to less than 3 years will provide an interest rate of 5.5%, again a hike of 0.15% in comparison to the previous rate of 5.35%. Similarly 3 years to less than 5 years and 5 years and up to 10 years FD at SBI shall offer a return of 5.6% and 5.65%, respectively.

SBI Senior citizen FD rates

For senior citizens, FD interest rate has been hiked for similar tenures and now senior citizens maintaining a deposit with SBI stand to earn the highest interest rate of 6.45% for Fds maturing between 5 years and up to 10 years.

Bank has also introduced specific tenor of "1000 days" at ROI of 6.10 % w.e.f 15-Aug-2022 for 75 days.

Further as per the Bank website, A special " SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen's on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended upto 30th September, 2022.

GoodReturns.in