State Bank of India now offering up to 7.25% interest rates on FDs for senior citizens; check details here

India’s largest public sector lender State Bank of India (SBI) has revised its interest rates on domestic retail term deposits or fixed deposits. But this time it is for senior citizens. The bank has increased the fixed deposit rates up to 7.25 per cent for deposits of 5 years to 10 years. All these rates have been revised for fixed deposits below Rs 2 crore. 

Earlier this week, SBI hiked the FD rates by up to 65 basis points on select tenors, which were effective from December 13. The maximum interest rate for senior citizens is 7.25 per cent, which is available for tenors -- 1 year to less than 2 years, 2 years to less than 3 years, 5 years to 10 years.  

 Fixed deposits rates for general customers 

After the latest revision, the SBI is offering 3 per cent interest on 7-day to 45-day schemes. Term deposits between 46 days to 179 days will give 3.9 per cent, for 180 days to less than 210 days schemes, the investors will get 5.25 per cent rate.  

The bank’s interest rate for schemes of 211 days to 1 year is 5.75 per cent. For schemes of 1 year to less than 2 years, the bank is offering 6.75 per cent. For the next slab, 2 years to less than 3 years, the SBI is offering 6.75 per cent interest rate.  

For schemes maturing in 3 years to less than 5 years and 5 years and up to 10 years is offering 6.25 per cent interest rate. 

Since May this year, most banks have tweaked their FD rates aggressively in line with the Reserve Bank of India's policy outcomes, attracting more investors to take up this investment option. Since May, the RBI has tweaked its repo rate five times and increased it from 4.40 per cent to 6.25 per cent.