SBI Hikes Interest Rates On Fixed Deposits (W.e.f. 10.05.2022)

The country's largest lender State Bank of India (SBI) has hiked interest rates on Domestic Bulk Term Deposits of Rs 2 Cr and above. According to the official website of the bank, the new rates are in force from today 10th May 2022.

SBI Domestic Bulk Term Deposits Rates For Regular Customers

The bank is now providing a regular interest rate of 3.00 per cent on domestic bulk term deposits of Rs. 2 crores and above maturing in 7 to 45 days. The bank formerly offered a 3% interest rate on deposits maturing in 46 to 179 days, but now it will be 3.5 per cent, a 50 basis point increase. The interest rate on deposits maturing in 180 days to 210 days has been increased by 40 basis points from 3.1 per cent to 3.5 per cent.

The interest rate on term deposits maturing in 211 days to less than a year has been raised 45 basis points from 3.3 per cent to 3.75 per cent. SBI has increased the interest rate on deposits maturing in one year to less than two years from 3.6 per cent to 4%, a 40 basis point increase.

On deposits maturing in two years to less than three years, the bank is now providing a rate of 4.25 per cent, up from 3.6 per cent previously, a 65 bps increase. The bank has increased the interest rate on deposits maturing in 3 years to less than 5 years and 5 years and up to 10 years from 3.6 per cent to 4.5 per cent for the general public respectively.

Tenors	Existing Rates For Public w.e.f. 10.03.2022	Revised Rates For Public w.e.f 10.05.2022
7 days to 45 days	3	3
46 days to 179 days	3	3.5
180 days to 210 days	3.1	3.5
211 days to less than 1 year	3.3	3.75
1 year to less than 2 years	3.6	4
2 years to less than 3 years	3.6	4.25
3 years to less than 5 years	3.6	4.5
5 years and upto 10 years	3.6	4.5
Source: Bank Website

SBI Domestic Bulk Term Deposits Rates For Senior Citizens

Senior citizens would be eligible to get an additional rate of 0.50% over and above the regular rate. They will get the following interest rates as a result of SBI's interest rate modification today.

Tenors	Existing Rates for Senior Citizens w.e.f. 10.03.2022	Revised Rates for Senior Citizen w.e.f. 10.05.2022
7 days to 45 days	3.5	3.5
46 days to 179 days	3.5	4
180 days to 210 days	3.6	4
211 days to less than 1 year	3.8	4.25
1 year to less than 2 years	4.1	4.5
2 years to less than 3 years	4.1	4.75
3 years to less than 5 years	4.1	5
5 years and upto 10 years	4.1	5
Source: Bank Website

Note By SBI

SBI has mentioned on its website that "The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NRO term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks."

SBI will impose a premature withdrawal penalty of 1% for all tenors on domestic bulk deposits of Rs 2 Cr and more, which would apply to all fresh as well as renewal deposits.