State Bank of India customer alert: SBI hikes interest rates on FDs - Know new rates here

In a piece of good news The State Bank of India (SBI) customers, India's largest lender has increased interest rates on fixed deposits for retail domestic term deposits below Rs 2 crore with effect from February 15, 2022.

For fixed deposits with a tenor of 2 years to less than 3 years, interest rates have been raised to 5.20 per cent, which is an increase of 10 basis points. While, FDs with tenor ranging from 3 years to less than 5 years has been hiked from 5.3 per cent to 5.45 per cent, which is an increase of 15 basis points.

For FD tenor of 5 years and up to 10 years, the interest rate has been increased by 10 basis points to 5.50 per cent.

The interest rates on FDs of tenure below 2 years remain unchanged. 

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SBI Staff and SBI pensioners will get an interest rate that is 1 per cent higher than the applicable rate.

SBI also extended its deposit scheme for senior citizens up to September 30, 2022, that offers an additional premium of 30 basis points to senior citizens on their retail term deposits for five years and above.