SBI announces increase in fixed deposit interest rates: Check updates
The State Bank of India (SBI) has declared a hike in its fixed deposit (FD) interest rates for certain tenures on retail deposits up to ₹2 crore. The new rates, effective from today, have been increased by 25-75 basis points. This adjustment applies to tenures of 46 days to less than one year, and is the first increase since December 27, 2023.
Detailed breakdown of new FD rates
SBI has set the new interest rate for short-term deposits from seven days to 45 days at 3.50%. Deposits held between 46 days and 179 days, shall now earn an interest rate of 5.50%. For those kept for a time of 180 days to 210 days, the rate is set at 6%, while deposits from 211 days to less than one year, will earn an interest rate of 6.25%.
Higher rates for longer-term deposits
For longer-term deposits, SBI has announced higher interest rates. Deposits held for a tenure of one year to fewer than two years will have an interest rate of 6.80%. The highest rate is offered for deposits of two years to less than three at 7%. For durations of three years to sub-five years, the interest rate decreases to 6.75%, and for long-term deposits of five years up to 10 years, the interest rate is set at 6.50%.
Additional benefits for senior citizens
For senior citizens, interest rates range from 4-7.5% for deposit terms between seven days and 10 years. Deposits of seven to 45 days earn a rate of 4%, while those held for 46-179 days earn a rate of 6%. Deposits held for longer tenures give higher rates, with the highest of 7.50% granted on deposits of two years to less than three, as well as long-term deposits spanning five years up to 10 years.
