State Bank of India Fixed Deposits: SBI has revised interest rates for its fixed deposits (FDs), including ‘Sarvottam’, for various tenures. With the latest revision, the interest rates now are ranging from 3.5% to 7.9% for tenures of up to 10 years. The new FD interest rates are effective from May 15, 2024, according to the SBI website.
SBI Sarvottam FD scheme rates
Under the bank’s Sarvottam (non-callable) domestic retail term deposits of above Rs 1 crore and below Rs 2 crore, general customers will now get 7.40% per annum for a tenure of two years. For one-year FDs, the interest rate is 7.1% for general subscribers. Senior citizens will get 7.9% interest rate per annum for deposits of 2 year-tenure. For FDs of one year tenure, senior citizen customers will receive an interest rate of 7.6%.
For deposits above Rs 2 crore under the Sarvottam (non-callable) bulk FD scheme, the bank has hiked rates to 7.4% for general customers booking the scheme for a two-year tenure. On one-year FDs, they will receive 7.3% interest rate. Senior citizens subscribing FDs of the two-year tenure will be given an interest rate of 7.9% per annum. On one-year tenure FD, the rate is 7.8% for senior citizens.
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SBI’s other fixed deposit schemes
The PSU bank has hiked FD rate by 75 bps to 5.5% for tenure of 46 days to 179 days for general customers subscribing retail domestic term deposits of below Rs 2 crore. Senior citizens will get 6% interest rate per annum on FDs of these tenures.
The PSU bank is offering an interest rate of 6.5% to general customers subscribing FD schemes for tenures of 5 years and up to 10 years. Senior citizen customers get an interest rate of up to 7.5% for tenures of 5 years and up to 10 years. This includes 50 basis points (bps) additional rate under the SBI We-care deposit scheme.
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The bank has also revised interest rates for domestic bulk term deposits of Rs 2 crore and above. SBI is offering rates ranging from 5% to 7.5% to its customers on FD periods of up to 10 years. The bank is offering 7% interest rate per annum to general customers subscribing FDs of tenures spanning 1 to 3 years. For same tenure FDs, senior citizens are given up to 7.5% rate.
On tenures ranging 5 years and up to 10 years, the bank is offering 6% interest per annum to general subscribers and 6.5% to senior citizens.
