SBI Revises Fixed Deposit Rates Higher (w.e.f June 14, 2022): Check New Rates

State Bank of India after the latest repo rate hike has increased fixed deposit rates. The hike has been 15-20 bps across tenures. Typically, the rate hike has been made for deposits of maturity between 211 days to those maturing in less than 3 years. Note the hike has been implemented for deposits of below Rs. 2 crore.

The deposit of 211 days to less than 1 year will now fetch 4.6% per annum. Also, Fds with 1 year to less than 2 year will now offer 4.6% as against the earlier 4.4%. Also, Fds with 1year to less than 2 year will be now fetching 5.3% return.

SBI deposit rates as on June 14, 2022

So, after the recent hike in FD rates, the maximum Fd rate continues to be 5.5% and 6.3% for senior citizens maintaining deposits for over 5 years.

 

Tenure	Existing rates	New rates from June 14, 2022	Rates for senior citizens
7 days to 45 days	2.9	2.9	3.4	3.4
46 days to 179 days	3.9	3.9	4.4	4.4
180 days to 210 days	4.4	4.4	4.9	4.9
211 days to less than 1 year	4.4	4.6	4.9	5.1
1 year to less than 2 year	5.1	5.3	5.6	5.8
2 years to less than 3 years	5.2	5.35	5.7	5.85
3 years to less than 5 years	5.45	5.45	5.95	5.95
5 years and up to 10 years	5.5	5.5	6.3	6.3

 

 

SBI WeCare deposit scheme extended to September 30, 2022

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.

The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).

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SBI Fds

We suggest investors to invest in fixed deposits for shorter term duration as interest rates would move higher in the longer term. If you invest for the long term, then you are uanble to break your deposit and reinvest as there would be charges that apply. Over the next few months, it is possible that interest rates move higher by at least 50 to 75 basis points. The RBI is likely to hike interest rates going forward.