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SBI Hikes Interest Rates On These Domestic Term Deposits
The country's largest lender, State Bank of India (SBI), has raised interest rates on domestic bulk term deposits of Rs. 2 Cr and above. According to the lender's website, the new rates are effective as of December 15, 2021, and will apply to new deposits as well as renewals of the deposits that are going to mature. However, individuals should keep in mind that the lender has kept the interest rates unchanged on retail term deposits of less than Rs. 2 Cr.
SBI Domestic Bulk Term Deposit Interest Rates
SBI currently offers a 3% interest rate to the general public on their domestic bulk deposits maturing in 7 days to 179 days, and a 3.10 percent interest rate on bulk deposits maturing in 180 days to 10 years, following the most recent modification. Senior citizens, on the other hand, will continue to get an additional rate of 0.60 per cent across all tenors. Senior citizens would get interest rates of 3.50 percent and 3.60 percent on domestic term deposits of Rs 2 crore and above maturing in 7 days to 179 days and 180 days to 10 years, respectively.
| Tenors | Revised Rates For Public w.e.f 15.12.2021 | Revised Rates for Senior Citizens w.e.f. 15.12.2021 |
|---|---|---|
| 7 days to 45 days | 3 | 3.5 |
| 46 days to 179 days | 3 | 3.5 |
| 180 days to 210 days | 3.1 | 3.6 |
| 211 days to less than 1 year | 3.1 | 3.6 |
| 1 year to less than 2 years | 3.1 | 3.6 |
| 2 years to less than 3 years | 3.1 | 3.6 |
| 3 years to less than 5 years | 3.1 | 3.6 |
| 5 years and upto 10 years | 3.1 | 3.6 |
| Source: Bank Website |
SBI Retail Domestic Term Deposit Rates For Regular Customers
The bank is currently giving 2.90 percent interest on retail term deposits of less than Rs 2 crore maturing in 7 days to 45 days, and 3.90 percent interest on deposits maturing in 46 days to 179 days. On deposits maturing in 180 days to less than a year, SBI is providing a 4.40 percent interest rate. The bank is currently giving a 5.00 percent interest rate on term deposits maturing in one year to less than two years. The bank is currently guaranteeing the general public interest rates of 5.10 percent, 5.30 percent, and 5.40 percent on their deposits maturing in two to three years, three to five years, and five to ten years.
| Tenor | Revised Rates For Public w.e.f. 08.01.2021 |
|---|---|
| 7 days to 45 days | 2.9 |
| 46 days to 179 days | 3.9 |
| 180 days to 210 days | 4.4 |
| 211 days to less than 1 year | 4.4 |
| 1 year to less than 2 year | 5 |
| 2 years to less than 3 years | 5.1 |
| 3 years to less than 5 years | 5.3 |
| 5 years and up to 10 years | 5.4 |
| Source: Bank Website |
SBI Retail Domestic Term Deposit Rates For Senior Citizens
On the other hand, elderly folks will receive an additional rate of 0.50 percent on their deposits maturing in 7 days to less than 5 years. However, the bank offers a special term deposit scheme for senior citizens dubbed "SBI Wecare" Deposit, under which the bank offers an additional premium of 30 basis points over and above the standard 50 basis points on retail term deposits maturing in 5 years and more. This special deposit scheme is active till March 31, 2022, according to SBI.
| Tenor | Revised Rates for Senior Citizens w.e.f. 08.01.2021 |
|---|---|
| 7 days to 45 days | 3.4 |
| 46 days to 179 days | 4.4 |
| 180 days to 210 days | 4.9 |
| 211 days to less than 1 year | 4.9 |
| 1 year to less than 2 year | 5.5 |
| 2 years to less than 3 years | 5.6 |
| 3 years to less than 5 years | 5.8 |
| 5 years and up to 10 years | 6.2 |
| Source: Bank Website |
Note: On 15.12.2021, SBI has also amended its Marginal Cost Of Funds Based Lending Rate (MCLR), Benchmark Prime Lending Rate (BPLR), and Base Rate. For more details, click here.
