The country’s largest lender State Bank of India (SBI) has hiked interest rates on fixed deposits of less than ₹2 Cr. As per the official website of the bank, the new rates are effective as of 15.10.2022. Based on the modification made by today, SBI has hiked fixed deposit interest rates by up to 20 bps. SBI is now offering an interest rate ranging from 3.00% to 5.85% for the general public and 3.50% and 6.65% for senior citizens on deposits maturing in 7 days to 10 years.
SBI FD Rates
On deposits maturing in 7 days to 45 days, the bank has hiked the interest rate from 2.90% to 3.00% a hike of 10 bps and on deposits maturing in 46 days to 179 days, SBI has hiked the interest rate by 10 bps from 3.90% to 4.00%. Deposits maturing in 180 days to 210 days will now offer an interest rate of 4.65% which was earlier 4.55% a hike of 10 bps and deposits maturing in 211 days to less than 1 year will now offer an interest rate of 4.70% which was earlier 4.60% a hike of 10 bps.
SBI has hiked interest rate by 15 bps from 5.45% to 5.60% on deposits maturing in 1 year to less than 2 years and the bank has hiked interest rate by 15 bps from 5.50% to 5.65% on deposits maturing in 2 years to less than 3 years. The bank increased interest rates on deposits maturing in 3 years to less than 5 years from 5.60% to 5.80%, a 20 basis point increase, and on deposits maturing in 5 years to up to 10 years from 5.65% to 5.85%, a 20 basis point increase.
SBI FD Rates For Senior Citizens
State Bank of India (SBI) has mentioned on its website that “A special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended upto 31st March, 2023. The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).”
The bank is now giving senior citizens an interest rate range of 3.50% to 6.65% on fixed deposits maturing in 7 days to 10 years. Senior citizens will get an interest rate of 6.65% on deposits maturing in 5 to 10 years, which is 80 basis points higher than the standard rate of 5.85%.
SBI Savings Account Rates
SBI has also hiked interest rates on savings bank deposits w.e.f 15th October 2022. On savings account balances less than Rs. 10 Crore, SBI has revised the interest rate from 2.75% p.a to 2.70% p.a. and on savings account balances of Rs. 10 Crore & Above, SBI has hiked the interest rate from 2.75% p.a to 3.00% p.a.
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