SBI Increases FD Rate On Select Maturity: Know What You Get Now

After back to back policy rate cuts, SBI also reduced fixed deposit rates to as low as 4.9% per annum. And now in the latest development, it has raised rates by a marginal 10 basis points on select maturities. . From January 8, the revised SBI rates on retail FDs of less than Rs 2 crores are effective. The bank has increased 10 basis points (bps) on fixed deposits (FDs) for 1 year to less than 2 years.

SBI Increases FD Rate On Select Maturity: Know What You Get Now

And these rates shall be applicable on both renewal as well as fresh deposits with the bank.

So, now FD deposits at SBI for a tenure of 1 year and up to less than 2 year will given an interest of 5% in comparison to 4.9 percent earlier.
FDs maturing in 2 years to less than 3 years will give 5.1 percent. FDs with 3 years to less than 5 years will offer 5.3 percent and term deposits maturing in 5 years and up to 10 years will continue giving 5.4 percent after the latest revision.

Here are the latest SBI interest rates on fixed deposit for general customers

DAYS INTEREST RATES

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 years -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%

And senior citizens get a higher percentage of 50 bps interest rate to senior citizens' across all tenors. Senior citizens will get 3.4 percent to 6.2 percent on FDs maturing in 7 days to 10 years after the latest revision.

DAYS INTEREST RATES

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 years 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%

And SBI's Wecare deposit on which senior citizens get a 30 basis point higher return over and above the return to senior citizen in usual case will be available until March 31,2021.

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