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Business News/ Money / Personal Finance/  SBI FD rate hike: State Bank of India raises fixed deposit interest rates on these tenors. Check latest FD rates here
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SBI FD rate hike: State Bank of India raises fixed deposit interest rates on these tenors. Check latest FD rates here

SBI FD rate hike: SBI raises fixed deposit interest rates for select tenures on retail deposits up to ₹2 crore effective May 15, 2024, by 25-75 bps.

SBI FD rate hike: The new FD rates are effective from May today, May 15, 2024.Premium
SBI FD rate hike: The new FD rates are effective from May today, May 15, 2024.

SBI FD rate hike: The State Bank of India (SBI) has raised its fixed deposit interest rates for certain tenures on retail deposits (up to 2 crore). According to the bank's website, the new FD rates are effective today, May 15, 2024.

SBI has hiked interest rates on 46 to 179 days, 180 to 210 days, and 211 to less than one-year tenures by 25-75 basis points (bps). SBI has left interest rates unchanged on other maturity buckets beyond one year. Senior citizens would be eligible for an additional 50 basis points on the revised rates as per the norms.

The public sector bank had last hiked interest rates on FDs on December 27, 2023.

SBI hikes FD rates effective today, 15 May 2024. Check the latest FD rates here

State Bank of India (SBI) offers varying fixed deposit (FD) interest rates based on the duration of the deposit. For short-term deposits ranging from 7 days to 45 days, the interest rate is 3.50%. For deposits between 46 days and 179 days, the rate increases to 5.50%. For 180 days to 210 days, the interest rate is 6.00%. Deposits held for 211 days to less than one year earn an interest rate of 6.25%. For a tenure of 1 year to less than two years, the interest rate is higher at 6.80%. The rate reaches its peak for deposits of 2 years to less than three years, standing at 7.00%. For durations of 3 years to less than five years, the interest rate slightly decreases to 6.75%. Finally, for long-term deposits spanning five years up to 10 years, the interest rate is 6.50%.

Seven days to 45 days 3.50%

46 days to 179 days,5.50% 

180 days to 210 days 6.00%

211 days to less than one year 6.25%

1 Year to less than two years 6.80%

Two years to less than three years 7.00%

Three years to less than five years 6.75%

Five years and up to 10 years 6.50%

Also Read: Want to deposit money for 5 years? These 6 banks offer highest interest rate on long term fixed deposits

SBI FD rates for senior citizens

Senior citizens receive an additional 50 basis points (bps) on their fixed deposits with the State Bank of India (SBI). Following the recent rate hike, SBI offers interest rates for senior citizens ranging from 4% to 7.5% for deposit terms between seven days and ten years. Specifically, the rates are 4% for deposits of 7 days to 45 days, 6.00% for 46 days to 179 days, and 6.5% for terms of 180 days to 210 days. Deposits held for 211 days to less than one year earn a rate of 6.75%. For a tenure of 1 year to less than two years, the rate is 7.30%, while deposits of 2 years to less than three years offer the highest rate of 7.50%. For periods of 3 years to less than five years, the interest rate is 7.25%, and for long-term deposits of 5 years up to 10 years, the rate is also 7.50%.

Seven days to 45 days 4%

46 days to 179 days 6.00%

180 days to 210 days, 6.5% 

211 days to less than one year 6.75% 

1 Year to less than two years 7.30%

Two years to less than three years 7.50%

Three years to less than five years 7.25

Five years and up to 10 years 7.5%

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Published: 15 May 2024, 01:12 PM IST
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