SBI Hikes FD Rates By 50 Bps Effective From Today: Details Inside

The largest lender in the nation, State Bank of India (SBI), has finally raised interest rates on fixed deposits of less than Rs 2 Cr. Customers had been waiting since February. The bank had previously raised interest rates on February 15, 2023. However, on December 27, 2023, SBI hiked its fixed-deposit (FD) rates by 50 basis points after the Reserve Bank of India (RBI) decided to keep the benchmark repo rate at 6.5% for a fifth consecutive time in the MPC meeting held on December 8.

SBI Latest FD Rates

On fixed deposits maturing in 7 days to 45 days, the bank has hiked interest rates by 50 bps from 3.00% to 3.50%, and on those maturing in 46 days to 179 days, SBI has hiked interest rates by 25 bps from 4.50% to 4.75%. SBI has hiked interest rates by 50 bps from 5.25% to 5.75% on a deposit tenor of 180 days to 210 days and the bank has hiked interest rates by 25 bps from 5.75% to 6.00% on a deposit tenor of 211 days to less than 1 year.

Deposits that mature in one year to less than two years will continue to earn 6.80% interest, while those that mature in two years to less than three years will still get 7% interest. SBI hiked interest rates by 25 basis points, from 6.50% to 6.75%, for deposits maturing in three to less than five years. The bank continues to pay 6.50% interest on deposits maturing in five to ten years.

"The specific tenor scheme of "400 days" (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 31-March-2024," mentioned SBI on its website.

SBI FD Rates For Non-Senior Citizens

7 days to 45 days- 3.50%
46 days to 179 days- 4.75%
180 days to 210 days- 5.75%
211 days to less than 1 year- 6.00%
1 Year to less than 2 years- 6.80%
2 years to less than 3 years- 7.00%
3 years to less than 5 years- 6.75%
5 years and up to 10 years- 6.50%

SBI FD Rates For Senior Citizens

7 days to 45 days- 4.00%
46 days to 179 days- 5.25%
180 days to 210 days- 6.25%
211 days to less than 1 year- 6.50%
1 Year to less than 2 years- 7.30%
2 years to less than 3 years- 7.50%
3 years to less than 5 years- 7.25%
5 years and up to 10 years- 7.50%