SBI Hikes Interest Rates On Fixed Deposits Below Rs 2 Crore, Check Rates Here

State Bank of India (SBI), India's largest public sector bank, has hiked interest rates on fixed deposits below Rs 2 crore with effect from February 15, 2023. In addition, the bank has also introduced a "400-day" special tenure deposit scheme with a 7.10% rate for Non-Senior Citizens. While the Senior citizens earn an additional 50 bps interest on top of the standard rates.

Today, the bank tweeted "Introducing "Amrit Kalash Deposit" for domestic and NRI customers with attractive interest rates, 400 days tenure and much more. *T&C Apply"

A special 'SBI Wecare' Deposit for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over & above the existing 50 bps i.e. 100 bps over card rate for the public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for '5 Years and above' tenor only. 'SBI Wecare' deposit scheme stands extended up to 31st March 2023, according to the Bank's official website.

Revised Interest Rates For Retail Domestic term deposits (Below Rs. 2 crore) w.e.f. 15.02.2023

Tenors	Revised Rates For Public (in %)	Revised Rates for Senior Citizens (in %)
7 days to 45 days	3	3.5
46 days to 179 days	4.5	5
180 days to 210 days	5.25	5.75
211 days to less than 1 year	5.75	6.25
1 year to less than 2 year	6.8	7.3
2 years to less than 3 years	7	7.5
3 years to less than 5 years	6.5	7
5 years and up to 10 years	6.5	7.5

Source- SBI.co.in