SBI Revises Interest Rates On Fixed Deposits of Less Than Rs 2 Cr (W.e.f.15.02.2022)

The largest public sector lender State Bank of India (SBI) has revised its interest rates on fixed deposits of less than Rs 2 Cr. With effect from Tuesday (15.02.2022), the bank raised the interest rates on retail term deposits of two years or more by 10-15 basis points (bps). SBI earlier offered an interest rate of 5.10 percent on deposits maturing in 2 years to less than 3 years, 5.30 percent on deposits maturing in 3 years to less than 5 years, and 5.40 percent on deposits maturing in 5.40 percent, which was effective as of 15.01.2022. However, as of 15.02.2022, the bank is currently offering an interest rate of 5.20 percent on deposits maturing in two to three years, 5.45 percent on deposits maturing in three to five years, and 5.50 percent on deposits maturing in five to ten years.

SBI Fixed Deposit Interest Rates For Regular Customers

SBI is now providing the general public an interest rate of 2.90 percent to 5.50 percent on domestic deposits of less than Rs 2 crore maturing in 7 days to 10 years. Regular customers of SBI will get the highest interest rate of 5.50 percent on fixed deposits maturing in 5 to 10 years. The following are the updated interest rates on retail domestic term deposits (below Rs. 2 crore) for the general public, effective 15.02.2022.

Tenors	Existing Rates for Public w.e.f. 15.01.2022	Revised Rates For Public w.e.f. 15.02.2022
7 days to 45 days	2.9	2.9
46 days to 179 days	3.9	3.9
180 days to 210 days	4.4	4.4
211 days to less than 1 year	4.4	4.4
1 year to less than 2 year	5.1	5.1
2 years to less than 3 years	5.1	5.2
3 years to less than 5 years	5.3	5.45
5 years and up to 10 years	5.4	5.5
Source: Bank Website

SBI Fixed Deposit Interest Rates For Senior Citizens

On deposits maturing in 7 days to less than 5 years, senior citizens will continue to get a 0.50 percent additional rate. On the other hand, the bank also offers a special "SBI Wecare" Deposit for senior citizens, in which an additional premium of 30 basis points over and above the standard 50 basis points is provided to senior citizens on their retail term deposits for tenors of '5 Years and Above' exclusively. Senior folks will now get a 6.30 percent interest rate on deposits maturing in 5 to 10 years. The "SBI Wecare" deposit scheme has now been extended until September 30, 2022, according to the bank.

Tenors	Existing Rates for Senior Citizens w.e.f. 15.01.2022	Revised Rates for Senior Citizens w.e.f. 15.02.2022
7 days to 45 days	3.4	3.4
46 days to 179 days	4.4	4.4
180 days to 210 days	4.9	4.9
211 days to less than 1 year	4.9	4.9
1 year to less than 2 year	5.6	5.6
2 years to less than 3 years	5.6	5.7
3 years to less than 5 years	5.8	5.95
5 years and up to 10 years	6.2	6.3
Source: Bank Website