SBI Fixed Deposit Interest Rates: A week after the Reserve Bank of India increased its repo rates for the second straight time in a row, India’s largest pubic sector lender State Bank of India hiked its interest rates on fixed deposits by up to 20 basis points. The rates have come into effect from Tuesday, June 14. The new SBI FD interest rates are applicable to deposits below Rs 2 crore, the lender has said on its website.
The maximum interest rate will be enjoyed by depositors who have or will open an FD account in the 211 days to less than a year tenure. There is an increase of 20 bps on these tenures, which has consequently made the interest rates on these deposits 4.60 per cent as against the rate of 4.40 per cent earlier, as per the bank’s website. For tenures of one year to less than two years, the rates have been hiked from 5.10 per cent to 5.30 per cent, which is also an increase of 20 basis points. SBI FD rates for deposits maturing between two years and less than three years have been hiked by 15 basis points from 5.20 per cent to 5.35 per cent, the bank said.
The revised interest rates will now apply to new deposits as well as renewals of maturing deposits, the SBI said. NRO term deposit interest rates will be matched with domestic term deposit interest rates. The interest rate payable to SBI Staff and SBI pensioners will be 1 per cent above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50 per cent above the rate payable for all tenors to resident Indian senior citizens.
Here are the revised interest rates on bulk fixed deposits of below Rs 2 crore at the SBI from June 14, 2022:
7 days to 45 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
46 days to 179 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
180 days to less than 1 year: For General Public – 4.60 per cent; For Senior Citizens – 5.10 per cent
1 year to less than 2 years: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent
2 years to less than 3 years: For General Public – 5.35 per cent; For Senior Citizens – 5.85 per cent
3 years to less than 5 year: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
5 years to up to 10 years: For General Public – 5.50 per cent; For Senior Citizens – 6.30 per cent.
Several banks have been increasing their fixed deposit interest rates following the RBI’s announcement on June 8. Recently, a host of other banks have raised their interest rates on fixed deposits across multiple tenor baskets for retail customers. The SBI FD interest rate hike also comes as a direct result of the RBI’s move. The RBI has said that it was withdrawing its accommodative stance to tame inflation as per the decisions made during its scheduled bi monthly monetary Policy Committee meet. The RBI had hiked repo rates by 50 basis points to 4.90 per cent this time.