State Bank of India (SBI) has raised interest rates of select fixed deposits (FDs) tenures by up to 80 basis points (bps). The hike in FD interest rates ranges from 25 bps to 80 bps, as per the bank‘s website.
The new interest rates will be applicable for fixed deposits of less than Rs 2 crore. The increased interest rates on the FDs are effective from October 22, 2022. The bank hiked interest rates on retail term deposits across all tenures by up to 20 bps on October 15,2022. With two back-to-back hikes in a week, the interest rate for FDs maturing between 211 days to less than one year jumped by 90 bps.
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How much return will you get on FDs below Rs 2 crore?
SBI has increased the interest rates for the deposits maturing between 46 days to 179 days to 4.5 percent from 4 percent. Similarly, FDs maturing between 180 days to 210 days, will fetch an interest rate of 5.25 percent. Earlier, the interest rate for this tenure was 4.65 percent.
The bank has hiked the interest rate on deposits maturing between 211 days to less than one year to 5.50 percent from 4.70 percent which is 80 bps. SBI raised the interest rate of this tenure to 4.7 percent from 4.6 percent which is 10 bps. With the latest FD rate hike, the interest rate for this tenure increased by 90 bps in a week.
The interest rate on SBI retail domestic term deposits maturing between one year to less than two years has surged to 6.10 percent from 5.60 percent. For FDs maturing between two years to less than three years, the interest rate has been raised to 6.25 percent from 5.65 percent.
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On deposits maturing between three years to less than five years, the interest rate has been increased to 6.10 from 5.80 percent. For FDs maturing between five years to up to 10 years, the interest rate has jumped to 6.10 percent from 5.85 percent.
SBI hikes Senior Citizen FD interest rate
The bank has also hiked the interest rates of select senior citizen fixed deposits tenures by up to 80 bps for amounts below Rs 2 crore. Let’s see how much interest an elderly customer will get on fixed deposits in SBI now.
For deposits maturing between 46 days to 179 days, the interest rate will rise to 5 percent from 4.50 percent. The bank has hiked the interest rate for FDs maturing between 180 days to 210 days to 5.75 percent from 5.15 percent.
