The State Bank of India (SBI) has hiked interest rates on fixed deposits (FDs). This interest rate is applicable on FDs below ₹2 crore. The new rate is effective from today, 27 December 2023.
The bank has increased the rates on all tenures except for one year to less than 2 years, 2 years to less than 3 years, and five years to ten years.
For deposits maturing in seven days to forty-five days, SBI has hiked rates by 50 basis points (bps). Now these deposits will fetch you an interest rate of 3.50%, for 46 days to 179 days, the bank has hiked rates by 25 bps, and these will guarantee an interest of 4.75%. On term deposits with 180 days to 210 days tenor, SBI has increased rates by 50 bps. These FDs will fetch an interest rate of 5.75%. The bank has hiked rates by 25 bps on 211 days to less than 1 year tenors (6%). FDs maturing in 3 years to less than 5 years will now give 25 bps more, 6.75%.
SBI hikes FD rates effective today, 27 December. Check latest FD rates here
7 days to 45 days 3.50%
46 days to 179 days 4.75%
180 days to 210 days 5.75%
211 days to less than 1 year 6%
1 Year to less than 2 years 6.80%
2 years to less than 3 years 7.00%
3 years to less than 5 years 6.75%
5 years and up to 10 years 6.50%
SBI FD rates for senior citizens
Senior citizens will get 50 basis points (bps) extra on these deposits. After the latest hike, SBI offers rates ranging from 4 to 7.5% on deposits maturing in seven days to ten years.
46 days to 179 days 5.25%
180 days to 210 days 6.25%
211 days to less than 1 year 6.5%
1 Year to less than 2 years 7.30%
2 years to less than 3 years 7.50%
3 years to less than 5 years 7.25
5 years and up to 10 years 7.5%
The bank had last revised FD rates in February 2023.
With this, SBI becomes the fifth bank to hike interest rates on term deposits in December 2023. Bank of India, Federal Bank, Kotak Mahindra Bank, and DCB Bank also increased rates on their term deposits this month.
The rate hike comes even as the Reserve Bank of India (RBI) maintains the key repo rate at 6.5 per cent for the fifth consecutive time in the December 8 MPC meeting.
Axis Bank has also revised the fixed deposit interest rates for amounts below ₹2 crore. The new FD rate is effective from 26 December 2023, according to the Axis Bank website.
