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SBI FD Rates: Bank Hikes Interest Rates On Fixed Deposits; Know Revised Rates And Other Details

sanjeev | May 17, 2024 12:21 AM CST

SBI Fixed Deposit Rate: The country's largest lender State Bank of India (SBI) has increased fixed deposit rates on select short-term maturities by up to 75 basis points, a move likely to be followed by other lenders as well.

According to the revised data posted on the SBI website, the rate for fixed deposits of 46-179 days has been increased by 75 basis points to 5.50 percent, from 4.75 percent earlier. The other two maturity periods - 180-210 days and 211 days to less than 1 year - have increased by 25 basis points to 6 percent and 6.25 percent respectively. The new rates for deposits below Rs 2 crore are effective from May 15, 2024. Senior citizens will be eligible for an additional 50 basis points at revised rates as per norms. SBI has left interest rates unchanged on other maturities of more than one year. For fixed deposits above Rs 2 crore, the bank has increased interest rates on both short-term and long-term maturities. For three maturity periods ranging from 7 days to 210 days, the interest rate has been increased by between 10 basis points to 25 basis points. Whereas, long-term fixed deposits starting from one year to three years will attract higher interest rates between 20 basis points to 25 basis points.