With the latest revision of interest rates, SBI pensioners can now book fixed deposits at 7.65% interest for tenors of 5 to 10 years. This is because SBI provides 1% extra FD interest to its employees and pensioners. Pensioners of SBI also enjoy the extra 0.5% interest offered to other senior citizens for FDs across different tenors.
After the revision of FD rates from October 15, the interest rate for senior citizens has jumped to 6.65% on FDs of 5 years and above. This means an SBI pensioner can get 7.65% (6.65%+1%) interest on deposits of 5 years and above.
Read More: SBI Saving Bank account holder ALERT! Bank reduces interest rates on deposits
“The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%),” SBI says on its website.
SBI Savings Account Interest Rate Revised
State Bank of India has increased the interest rates on saving bank deposits by 0.30% (30 bps) to 3% for balances of Rs 10 crore and above. The interest rates for deposits below Rs. 10 Crore
remain unchanged at 2.70%, the bank said in a statement. The revised rates are applicable from October 15, 2022 onwards.
With effect from October 15, SBI has revised its savings account interest rate from 2.75% per annum to 2.70% per annum on account balances of less than Rs 10 crore.
Read More: Dhanteras Digital Gold: Now purchase on Google Pay and PayTm with this Step-by-Step guide
SBI Fixed Deposit Interest Rates
SBI has also revised interest rates on fixed deposits of various tenors. The bank is also offering 4% interest on deposits of 46 days to 179 days. For term deposits of 180 days to 210 days, the public sector bank is offering 4.65 per cent.
The highest interest rate offered by SBI is 5.85% on deposits of 5 years and up to 10 years. For deposits of 3 years to less than 5 years, SBI is offering 5.80% interest per annum. The interest rate on SBI FD from 2 years to less than 3 years is 5.65%.
SBI offers an extra 0.5% interest on fixed deposits of all tenors to senior citizens. They can now get 6.65% annual interest on deposits of 5 years to 10 years.
SBI introduced a specific tenor of 1000 days at ROI of 6.10 % from 15th August 2022 for 75 days. Besides, the bank is offering “SBI Wecare” deposits to senior citizens. Under this scheme, senior citizens can get an extra 0.3% interest on FDs of 5 years and above. The extra interest is over and above the 0.5% interest provided to senior citizens on term deposits of different tenors.
SBI Wecare deposit scheme was recently extended up to 31st March 2023. Senior citizens opening a “We Care” deposit with SBI can earn 6.65% interest per annum.
