SBI increases fixed deposit interest rates by up to 80 bps, check latest FD rates

State Bank of India (SBI) hiked interest rates of its fixed deposits (FDs) by up to 80 basis points on Friday, 21 October. The new interest rates are going to be applicable for fixed deposits of less than Rs 2 crore. The development comes just days after the nation’s largest commercial lender had hiked the savings deposit rates by 30 bps for large accounts on 18 October. On 17 October, SBI had lowered the deposits for small savers (under Rs 10 crore in savings deposits by 5 bps to 2.70 per cent per year). According to the bank, the increased interest rates on the FDs come into effect from today, 22 October, 2022.

SBI has kept the interest rates for the deposits maturing between 7-45 days to 3 per cent. However, for FDs maturing between 46-179 days, the interest has been increased to 4.50 per cent from 4 per cent. The interest rate on retail domestic term deposits ranging between 180-210 days has risen to 5.25 per cent from 4.65 per cent. The state lender has increased the rate of interest on deposits maturing between 211 days to less than 1 year to 5.50 per cent from 4.70 per cent.

The interest rate on retail domestic term deposits maturing between 1 year to less than 2 years has jumped to 6.10 per cent from 5.60 per cent. For FDs maturing between 2 years to less than 3 years, the rate of interest has been hiked to 6.25 per cent from 5.65 per cent.

On deposits maturing between 3 years to less than 5 years, the interest rate has been raised to 6.10 per cent from 5.80 per cent. For FDs maturing between 5 years to up to 10 years, the interest has increased to 6.10 per cent from 5.85 per cent.

SBI has also hiked the interest rates for senior citizens’ fixed deposits for amounts below Rs 2 crore. For senior citizens, the rate for the deposits maturing between 7-45 days is 3.50 per cent.

The interest rate on deposits maturing between 211 days to less than 1 year has been increased to 6 per cent from 5.20 per cent by the bank. The rate on retail domestic term deposits maturing between 1 year to less than 2 years has jumped to 6.60 per cent from 6.10 per cent.

The interest rate has been increased to 6.60 from 6.30 per cent on deposits maturing between 3 years to less than 5 years. FDs maturing between 5 years to up to 10 years will now receive an interest rate of 6.90 per cent, up from 6.65 per cent.

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