The State Bank of India (SBI) has raised its fixed deposit interest rates for certain time periods on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore). The new FD rates are effective from May 15, 2024, as stated on the SBI website.
Let us take a look at the latest SBI fixed deposit interest rates.
How much return will you get on SBI FDs below Rs 2 crore?
The bank has hiked its fixed deposit interest rates by 75 basis points (bps) on deposits maturing between 46 days and 179 days from 4.75% to 5.50%. For senior citizens, the bank has hiked from 5.25% to 6% on the same tenure.
SBI raised the interest rate on the tenure of 180 days to 210 days by 25 bps from 5.75 % to 6% for general citizens.
The bank has hiked FD rates by 25 bps on tenure of 211 days to less than 1 year from 6% to 6.25% for general citizens and 6.75% for senior citizens from 6.50%.
Latest SBI FD interest rates 2024
| General Public | Senior Citizen | |||
| Tenors | Existing Rates for Public w.e.f. 27/12/2023 | Revised Rates for Public w.e.f. 15/05/2024 | Existing Rates for Senior 27/12/2023 | Revised Rates for Senior Citizen w.e.f. 15/05/2024 |
| 7 days to 45 days | 3.5 | 3.5 | 4 | 4 |
| 46 days to 179 days | 4.75 | 5.5 | 5.25 | 6 |
| 180 days to 210 days | 5.75 | 6 | 5.25 | 6.5 |
| 211 days to less than 1 year | 6 | 6.25 | 6.5 | 6.75 |
| 1 Year to less than 2 years | 6.8 | 6.8 | 7.3 | 7.3 |
| 2 years to less than 3 years | 7 | 7 | 7.5 | 7.5 |
| 3 years to less than 5 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 5 years and up to 10 years | 6.5 | 6.5 | 7.50* | 7.50* |
Source: SBI website
Latest SBI bulk deposit interest rates
The bank has increased interest rates by 25 basis points on bulk deposits for tenures ranging from 7 to 45 days, raising the rate from 5% to 5.25% for general citizens. For senior citizens, the bank has increased from 5.50% to 5.75% on the same tenure.
For general citizens with tenures between 46 days and 179 days, the bank has increased rates by 50 bps from 5.75% to 6.25%. The bank has increased from 6.25% to 6.75% for senior citizens on the same tenure.
The bank has hiked 10 bps on tenure 180 days to 210 days for general citizens from 6.50% to 6.60% and from 7% to 7.10% for senior citizens.
The bank has hiked the fixed deposit interest rate by 20 bps on tenures between 1 Year and less than 2 years from 6.80% to 7%.
For tenure between 2 years to less than 3 years, the bank has hiked from 6.75% to 7% for general citizens and for senior citizens, the bank has increased from 7.25% to 7.50%.
| General citizen | Senior Citizen | |||
| Tenors | Existing Rates for Public w.e.f. 27/12/2023 | Revised Rates for Public w.e.f. 15/05/2024 | Existing Rates for Senior Citizen w.e.f. 27/12/2023 | Revised Rates for Senior Citizen w.e.f. 15/05/2024 |
| 7 days to 45 days | 5 | 5.25 | 5.5 | 5.75 |
| 46 days to 179 days | 5.75 | 6.25 | 6.25 | 6.75 |
| 180 days to 210 days | 6.5 | 6.6 | 7 | 7.1 |
| 211 days to less than 1 year | 6.75 | 6.75 | 7.25 | 7.25 |
| 1 Year to less than 2 years | 6.8 | 7 | 7.3 | 7.5 |
| 2 years to less than 3 years | 6.75 | 7 | 7.25 | 7.5 |
| 3 years to less than 5 years | 6.25 | 6.25 | 6.75 | 6.75 |
| 5 years and up to 10 years | 6 | 6 | 6.5 | 6.5 |
Source: SBI website
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