State Bank of India increases interest rates on fixed deposits; know the revised rates
State Bank of India increases interest rates on fixed deposits; know the revised rates
The Indian public sector bank, State Bank of India, on Wednesday implemented the revised rates on fixed deposits. SBI has hiked the interest rates on Fds by 5-10 basis points with maturity periods ranging from one-two years. The decision comes ahead of RBI's fifth bi-monthly monetary policy review.
The public lender said on its website that SBI FD interest rates have been increased by 0.05-0.10 per cent. A single basis point corresponds to 0.01 per cent. The lender also informed on its website that the change in FD interest rates will be applicable to all deposits below Rs 1 crore from today.
After the latest revision, the bank is now offering 6.80 per cent interest rate on those FDs which have a maturity period of one or two years; the previous rate was at 6.7 per cent. The SBI FD interest ratewith a maturity period of one or two years for senior citizens has also gone up to 7.30 per cent.
Check the chart below
Maturity period
Past rates (%)
Present rates (%)
7 days to 45 days
5.75
5.75
46 days to 179 days
6.25
6.25
180 days to 200 days
6.35
6.35
211 days to less than 1 year
6.40
6.40
1 year to less than 2 years
6.70
6.80
2 years to less than 3 years
6.75
6.80
3 years to less than five years
6.80
6.80
5 years to 10 years
6.85
6.85
SBI FD interest rates for general public:
SBI FD interest rates for senior citizens:
In the recent months, both public and private banks have increased the interest rates they offer on FDs.
The latest to do so were private lenders ICICI Bank and HDFC Bank who revised their rates on November 15 and November 6, respectively.