The State Bank of India (SBI) has increased the interest rates on select fixed deposit (FD) tenures by up to 15 bps. According to the bank’s website, the increased rates are effective from August 13, 2022, and are applicable for FDs worth less than Rs 2 crore. Following the adjustment, SBI will now offer fixed deposit interest rates ranging from 2.90% to 5.65% for the general public and 3.40% to 6.45% for senior citizens.
The last time
hiked FD interest rates was in June 2022.
Latest SBI FD Rates
With effect from Augst 13, 2022, the bank has hiked the interest rate for FD tenure of 180 days to 210 days to 4.55 percent. For tenure 1 year to less than 2 year, interest rate has been hiked to 5.45 percent from 5.30 percent. SBI has hiked the interest rate of 2 years to less than 3 year tenure to 5.50 percent. For 3 years to less than 5 years, the rate has been hiked to 5.60%. For the 5 year and up to 10 year tenure, the bank will now offer 5.65 percent.
SBI offers interest rates between 3.40 percent to 6.45 percent for senior citizens for tenure ranging between 7 days to 10 years.
“The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks,” stated the SBI website.