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Wednesday, September 28, 2022

SBI hikes interest rates on fixed deposits: Check new rates here

The country’s largest lender, State Bank of India (SBI) has raised interest rates on fixed deposits of less than 2 Cr. The bank’s website states that the revised rates are effective as of 13.08.2022. Following the adjustment, the bank increased interest rates on a variety of tenors and is currently providing fixed deposits with maturities ranging from 7 days to 10 years with interest rates ranging from 2.90% to 5.65% for the general public and 3.40% to 6.45% for senior citizens.

SBI FD Rates

On fixed deposits maturing in 7 days to 45 days, the bank will continue to offer an interest rate of 2.90% and on term deposits maturing in 46 days to 179 days SBI will continue to offer an interest rate of 3.90%. Fixed deposits maturing in 180 days to 210 days will now offer an interest rate of 4.55% which was earlier 4.40% a hike of 15 bps and term deposits maturing in 211 days to less than 1 year will continue to offer an interest rate of 4.60% . SBI will now offer an interest rate of 5.45% which was earlier 5.30% a hike of 15 bps on fixed deposits maturing in 1 year to less than 2 years. On fixed deposits maturing in 2 years to less than 3 years, SBI has hiked the interest rate from 5.35% to 5.50% a hike of 15 bps and on fixed deposits maturing in 3 years to less than 5 years, the bank has hiked interest rate from 5.45% to 5.60% a hike of 15 bps. Deposits maturing in 5 years and up to 10 years will now offer an interest rate of 5.65% which was earlier 5.50% a hike of 15 bps.

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SBI FD Rates (sbi.co.in)

On fixed deposits maturing in 7 days to 5 years, SBI will continue to offer an additional rate of 0.50% to the elderly individuals and on fixed deposits maturing in 5 years and above senior citizens will continue to get an additional premium of 30 bps (over & above the existing 50 bps under the SBI Wecare Deposit scheme. “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 Domestic Bulk Term Deposit Rates

SBI has also hiked its interest rates on Domestic Bulk Term Deposits of Rs. 2 Crores and above.

SBI FD Rates

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SBI FD Rates (sbi.co.in)

On deposits maturing from 46 days to 179 days, SBI has hiked its interest rate from 4.00% to 4.25% and on fixed deposits maturing from 180 days to 210 days the bank has hiked the interest rate from 4.25% to 4.50%. Fixed deposits maturing in 211 days to less than 1 year will now offer an interest rate of 5.00 which was earlier 4.50% and term deposits maturing in 1 year to less than 2 years will now offer an interest rate of 6.00% which was earlier 5.25% On term deposits maturing in 2 years to less than 3 years, the SBI has raised the interest rate from 4.25% to 5.25% and on fixed deposits maturing in 3 years to less than 5 years, the bank has raised the interest rate from 4.50% to 5.25%. SBI will now offer an interest rate of 5.00% which was earlier 4.50% a hike of 50 bps on fixed deposits maturing in 5 years and upto 10 years.

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