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State Bank of India (SBI) has hiked interest rates on Domestic Bulk Term Deposits of 2 crore and above. According to SBI's official website, the new rates are with effect from today,10th May 2022.

After todays' hike, deposits maturing in 7 days to 45 days will continue giving 3% interest as the bank has not hiked the interest on this bracket.

FDs with maturity 46 days to 149 days will give 50 basis point (bps)more now, 3.5%. Term deposits maturing in 180 days to 210 days will now give 3.50%. 211 days to less than 1 year and 1 year to less than 2 years maturities will give 3.75 and 4% respectively.

SBI has increased the interest rate on deposits maturing in one year to less than two years from 3.6 per cent to 4%, a 40 basis point increase. On deposits maturing in two years to less than three years, the bank is now providing a rate of 4.25 per cent, up from 3.6 per cent previously. The bank has increased the interest rate on deposits maturing in 3 years to less than 5 years and 5 years and up to 10 years from 3.6 per cent to 4.5 per cent for the general public respectively.

SBI Domestic term deposits ( 2 crore and above) interest rates effective 10 May

7 days to 45 days3.00%
46 days to 179 days3.50%
180 days to 210 days3.50%
211 days to less than 1 year3.75%
1 year to less than 2 years4.00%
2 years to less than 3 years4.25%
3 years to less than 5 years4.50%
5 years and upto 10 years4.50%

The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NRO term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks, SBI mentioned on its site.

Senior citizens would be eligible to get an additional rate of 50 bps over and above the rates applicable for general people.

SBI Retail Domestic Term Deposits ‘Below Rupees Two Crore

SBI FDs between 7 days to 10 years will give 2.9% to 5.5% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits -3.4 %to 6.30%. These rates are effective from 15 February 2022.

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