Sbi Fixed Deposit | State Bank of India has hiked fixed deposit interest rates for certain periods of retail deposits (up to ₹2 crore).
According to the bank's website, the new fixed deposit interest rates came into effect from yesterday (May 15, 2024).
FD interest rate hike
That is, SBI has raised interest rates by 25-75 basis points (bps) from 46 to 179 days, 180 to 210 days and from 211 to one year.
This public sector bank last hiked interest rates on FDs on December 27, 2023.
State Bank of India (SBI) offers variable fixed deposit (FD) interest rates based on the tenure of the deposit. For short term deposits between 7 days and 45 days, the interest rate is 3.50%.
New FD interest rate
For deposits between 46 days and 179 days, the rate increases to 5.50%. From 180 days to 210 days, the interest rate is 6.00%. Deposits from 211 days to less than one year will get interest rate of 6.25%. For a term of 1 year to less than two years, the interest rate is higher at 6.80%.
The rate for deposits of 2 years to less than three years peaks at 7.00%. For terms of 3 years to less than five years, the interest rate drops to 6.75%. Finally, for long-term deposits of five years to 10 years, the interest rate is 6.50%.
| Deposit period | Interest rate |
| From seven days to 45 days | 3.50% |
| 46 days to 179 days | 5.50% |
| 180 days to 210 days | 6.00% |
| 211 days to one year | 6.25% |
| 1 year to less than two years | 6.80% |
| Two years to three years | 7.00% |
| Three years to five years | 6.75% |
| Five years and up to 10 years | 6.50% |
Senior Citizens Fixed Deposit
Senior citizens get an additional 50 basis points (bps) on their fixed deposits with State Bank of India (SBI).
Following the recent rate hike, SBI is offering senior citizens interest rates ranging from 4% to 7.5% for deposit schemes ranging from seven days to ten years.
Specifically, 4% for deposits of 7 days to 45 days, 6.00% for 46 days to 179 days and 6.5% for terms of 180 days to 210 days.
The rate for deposits from 211 days to less than one year is 6.75%. For 1 year to less than two years, the rate is 7.30%, while for deposits of 2 years to less than three years, the maximum rate is 7.50%.
For tenure of 3 years to less than five years, the interest rate is 7.25% and for long term deposits of 5 years to 10 years, the rate is 7.50%.
| Deposit period | Interest rate |
| From seven days to 45 days | 4% |
| 46 days to 179 days | 6.00% |
| 180 days to 210 days, | 6.5% |
| 211 days to one year | 6.75% |
| 1 year to less than two years | 7.30% |
| Two years to three years | 7.50% |
| Three years to five years | 7.25 |
| Five years and up to 10 years | 7.5% |
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