SBI hikes fixed deposit rates. Check latest FD rates here
SBI hikes FD rates: The new SBI fixed deposit (FD) interest rates are effective from today, 13 December 2022
PremiumSBI hikes FD rates: State Bank of India (SBI) has increased fixed deposit or FD rates for some select maturity periods. The revised SBI rates on retail FDs of less than ₹2 crores are effective from today, 13 December. The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. SBI had earlier revised interest rates on fixed deposits on 22 October 2022. “Revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) interest rates revised w.e.f. 13.12.2022. Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore 'have been revised," SBI mentioned on its site.
After the latest revision, SBI FDs between 7 days to 45 days will now fetch 3%. Term deposits between 46 days to 179 days will give 3.9%, FDs of 180 days to less than 210 days will give 5.25% rate. The bank has hiked interest rate on deposits maturing in 211 days to 10 years. After the latest hike, FDs maturing in 211 days to less than 1 year will give 25 bps extra- 5.75 %. FDs maturing in 1 year to less than 2 years will offer 65 bps extra to general public. These term deposits will fetch an interest rate of 6.75%. Deposits with maturity period 2 years to less than 3 years will now give 6.75% interest rate, 50 bps more. FDs maturing in 3 years to less than 5 years and 5 years and up to 10 years will offer 6.25% interest rate now.
SBI latest FD interest rates for general public effective 13 December 2022
7 days to 45 days - 3%
46 days to 179 days - 4.5%
180 days to 210 days - 5.25%
211 days to less than 1 year - 5.75 from 5.50
1 year to less than 2 years - 6.75 from 6.10
2 years to less than 3 years - 6.75 from 6.25
3 years to less than 5 years - 6.25 from 6.10
5 years and up to 10 years - 6.25 from 6.10
SBI latest FD interest rates for senior citizens effective 13 December 2022
SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.5% to 7.25% on FDs maturing in 7 days to 10 years.
7 days to 45 days - 3.50%
46 days to 179 days - 5%
180 days to 210 days - 5.75%
211 days to less than 1 year - 6.25%
1 year to less than 2 years - 7.25%
2 years to less than 3 years -7.25%
3 years to less than 5 years - 6.75%
5 years and up to 10 years -7.25%@
SBI has also hiked bulk term deposit rates by 50-100 bps across tenures.
On Wednesday, RBI announced a hike in repo rates for the fifth consecutive time. The difference this time accounts for 35 bps, leading the interest rate from 5.90 to 6.25. RBI has been hiking repo rates since May 2022 in order to curb the inflation that the country is facing due to global trends.
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