The State Bank of India (SBI) has raised the interest rates on its fixed deposits for retail customers (with deposits up to Rs 2 crore) for a specific duration.
As per the information on the bank’s website, these updated FD rates have come into effect starting May 15, 2024.
SBI has raised interest rates by 25-75 basis points (bps) for durations of 46 to 179 days, 180 to 210 days, and 211 to less than one year.
This increase follows the last rate hike on FDs by the public sector bank on December 27, 2023.
Latest FD rates
State Bank of India (SBI) provides varying fixed deposit (FD) interest rates based on the deposit period.
For short-term deposits of 7 days to 45 days, the interest rate stands at 3.50%. Deposits ranging from 46 days to 179 days have an interest rate of 5.50%.
For deposits held for 180 days to 210 days, the interest rate is 6.00%. Deposits kept for 211 days to less than a year earn an interest rate of 6.25%.
The interest rate for a duration of 1 year to less than two years is higher at 6.80%. For deposits held for 2 years to less than three years, the rate peaks at 7.00%.
The interest rate for deposits lasting 3 years to less than five years slightly decreases to 6.75%.
Long-term deposits ranging from five years to 10 years have an interest rate of 6.50%.
SBI FD Rates for Senior Citizens
Senior citizens receive an extra 50 basis points (bps) on their fixed deposits at State Bank of India (SBI).
Following the recent increase, SBI provides interest rates ranging from 4% to 7.5% for senior citizens across deposit periods from seven days to ten years.
The interest rates for different deposit periods are as follows: 4% for deposits of 7 days to 45 days, 6.00% for 46 days to 179 days, and 6.5% for 180 days to 210 days.
Deposits held for durations from 211 days to less than one year earn a rate of 6.75%.
For durations of 1 year to less than two years, the rate is 7.30%, while deposits of 2 years to less than three years offer the highest rate at 7.50%.
For durations of 3 years to less than five years, the interest rate is 7.25%, and for long-term deposits from 5 years to 10 years, the rate is also 7.50%.
