State Bank of India (SBI) has increased its fixed deposit (FD) interest rates for certain tenures on retail deposits (up to Rs 2 crore). According to the SBI’s website, the new FD rates came into effect starting May 15, 2024. The bank has hiked interest rates on 46 to 179 days, 180 to 210 days, and 211 to less than one-year tenures by 25-75 basis points (bps).
Further, the public sector bank has left interest rates unchanged on other maturity buckets beyond one year. Senior citizens are now eligible for an additional 50 basis points on the revised rates as per the latest norms. SBI had last hiked interest rates on FDs on December 27, 2023. The bank offers different fixed deposit interest rates based on the duration of the deposit made by the customer.
SBI's latest fixed deposit interest rates are as follows:
- For Short-term deposits ranging from 7 days to 45 days, the interest rate is 3.50 per cent. (7 to 45 days: 3.50%)
- For deposits ranging from 46 days and 179 days, the rate has been raised to 5.50 per cent. (46 to 179: 5.50%)
- For 180 days to 210 days, the interest rate is 6.00 per cent. (180 to 210 days: 6.00%)
- Deposits held for 211 days to less than one year earn an interest rate of 6.25 per cent. (211 days to less than one year 6.25%)
- A tenure of 1 year to less than two years, will have a higher interest rate at 6.80 per cent. (1 to less than 2 years: 6.80%)
- The rate reaches its peak for deposits of 2 years to less than three years, standing at 7.00 per cent. (2 to less than 3 years: 7.00%)
- For durations of 3 years to less than 5 years, the interest rate has been lowered to 6.75 per cent.
(3 to less than 5 years: 6.75%)
- For long-term deposits spanning 5 years up to 10 years, the interest rate is 6.50 per cent. (5 years up to 10 years: 6.50 per cent)
SBI fixed deposit rates for senior citizens
Senior citizens will receive an additional 50 basis points (bps) on their fixed deposits with the State Bank of India.
Following are SBI’s recent interest rate hikes for senior citizens on their fixed deposits:
- 7 to 44 days at 4 per cent
- 46 to 179 days at 6.00 per cent
- For terms of 180 to 210 days at 6.5 per cent
- 211 days to less than one year at 6.75 per cent
- For a tenure of 1 year to less than 2 years at 7.30 per cent
- 2 years to less than 3 years at 7.50 per cent
