State Bank Of India Hikes Interest Rates On FDs By Up To 80 Bps, Check New Rates Here

State Bank Of India (SBI), a leading Public Sector Bank (PSB) has hiked the interest rates of Fixed Deposits. According to the bank's Official website, the hiked rates are applicable from 22 October 2022. It is important to note that the bank has hiked FD rates 2nd within a week. The increase in FD interest rates ranges from 25 bps to 80 bps. Fixed deposits under Rs 2 crore will be subject to the new interest rates.

SBI FD Rates

SBI raised the interest rates for deposits with a maturity period of 46 to 179 days from 4 percent to 4.5 percent for regular customers and 5 percent for senior citizens. FDs with maturity periods of 180 and 210 days hiked to 5.25 percent from 4.70 percent for regulator customers and 5.75 percent for senior citizens.

The bank increased the interest rate on deposits with a maturity period of 211 days and less than a year by 80 basis points, from 4.70 percent to 5.50 percent for regular customers and 6 percent for Senior citizens. For a maturity period of 1 year to less than 2 years and 3 years to less than 5 years, the bank after the hike will now pay 6.10 percent to regular customers and 6.60 percent to senior citizens.

On a maturity period of 2 years to less than 3 years, the bank now offers an interest rate of 6.25 percent to regular customers and 6.75 percent to senior citizens. For the maturity period of 5 years to up to 10 years, the bank now offers an interest rate of 6.10 percent to regular customers and 6.90 percent to senior citizens.

Following the repo rate hike in September, many other top banks raised their FD rates for terms ranging from 7 days to 10 years in October 2022. Banks such as IDFC First Bank, Punjab National bank, Axis Bank, SBI, Indian Bank, Canara Bank and many others have hiked interest rates on FD, as well as savings accounts. Many other banks are likely to follow the trend in the coming days.

Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) w.e.f. 22.10.2022

enors	Existing Rates for Public w.e.f. 15.10.2022	Revised Rates For Public w.e.f. 22.10.2022	Existing Rates for Senior Citizens w.e.f. 15.10.2022	Revised Rates for Senior Citizens w.e.f. 22.10.2022
7 days to 45 days	3	3	3.5	3.5
46 days to 179 days	4	4.5	4.5	5
180 days to 210 days	4.65	5.25	5.15	5.75
211 days to less than 1 year	4.7	5.5	5.2	6
1 year to less than 2 year	5.6	6.1	6.1	6.6
2 years to less than 3 years	5.65	6.25	6.15	6.75
3 years to less than 5 years	5.8	6.1	6.3	6.6
5 years and up to 10 years	5.85	6.1	6.65	6.9

Source - sbi.co.in

RBI Repo Rate

Since May 2022, the Reserve Bank of India (RBI) has hiked the repo rate 4 times up to 1.90 per cent. In September, the RBI hiked the repo rate by 50 bps, which was the fourth consecutive increase since May. In October 2022, many top banks increased their FD rates for terms ranging from 7 days to 10 years in response to the repo rate increase in September. FD and savings account interest rates have been increased by banks such as IDFC First Bank, Punjab National Bank, Axis Bank, SBI, Indian Bank, Canara Bank, and many others. The trend is likely to be followed in the upcoming days by many other banks.