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SBI Hikes Interest Rates On FDs By Up To 20 bps, Check New Rates Here
State Bank of India (SBI), India's biggest public sector lender has increased interest rates of its fixed deposits (FDs) across, according to the bank's official website. The bank has hiked interest rates on all tenures by up to 20 bps on deposits below Rs 2 crore. As per the bank's official website, the increased interest rates on the FDs are effective from October 15, 2022.
SBI FD Rates
The bank has raised the interest rates on FDs with maturities ranging from 7 days to 45 days to 3 percent from 2.90 percent for the general public and for senior citizens 3.5 percent, earlier it was 3.4%. FDs with maturity period ranging between 46 to 179 days after the hike will now get 4 percent to the general public and 4.50 percent to senior citizens. The interest rate on FD with a maturity period ranging between 180 and 210 days has increased to 4.65 percent for the general public and 5.15 percent for senior citizens.
The bank increased the interest rate on deposits maturing in 211 days or less than 1 year to 4.70 percent for the general public and 5.20 percent for senior citizens. For a maturity period of 1 year to less than 2 years, the bank will now offer 5.60 per cent to the general public and 6.10 per cent to senior citizens. The interest rate for FDs with maturities of two years to less than three years has increased from 5.50 per cent to 5.65 per cent for the general public and senior citizens it is increased from 6 per cent to 6.50 per cent.
The interest rate on deposits with a maturity of three years to less than five years has been raised from 5.60 per cent to 5.80 per cent for the general public and senior citizens it is increased from 6.10 per cent to 6.30 per cent. For a maturity period of 5 years and up to 10 years, the bank has hiked the interest rate to 5.85 per cent from 5.65% for the general public and senior citizens to 6.65 percent from 6.45 percent.
Other than the above-mentioned maturity periods, the bank has also introduced a specific Tenor of "1000 days" at an ROI of 6.10 per cent with effect from 15 August 2022 for 75 days, according to the bank's official website.
Interest Rate On Retail Domestic FDs Below 2 Cr w.e.f 15 October 2022
| Tenors | Existing Rates for Public w.e.f. 13.08.2022 | Revised Rates For Public w.e.f. 15.10.2022 | Existing Rates for Senior Citizens w.e.f. 13.08.2022 | Revised Rates for Senior Citizens w.e.f. 15.10.2022 |
|---|---|---|---|---|
| 7 days to 45 days | 2.9 | 3 | 3.4 | 3.5 |
| 46 days to 179 days | 3.9 | 4 | 4.4 | 4.5 |
| 180 days to 210 days | 4.55 | 4.65 | 5.05 | 5.15 |
| 211 days to less than 1 year | 4.6 | 4.7 | 5.1 | 5.2 |
| 1 year to less than 2 year | 5.45 | 5.6 | 5.95 | 6.1 |
| 2 years to less than 3 years | 5.5 | 5.65 | 6 | 6.15 |
| 3 years to less than 5 years | 5.6 | 5.8 | 6.1 | 6.3 |
| 5 years and up to 10 years | 5.65 | 5.85 | 6.45 | 6.65 |
Source - SBI.co.in
