SBI hikes FD rates! Check State Bank of India’s latest fixed deposit rates
SBI FD rates hiked: The State Bank of India (SBI) has announced an increase in interest rates on certain fixed deposits (FDs) for deposits below Rs 2 crore. The revised rates, as stated on the SBI website, will be applicable from December 27, 2023. Additionally, the bank has also raised FD rates for deposits exceeding Rs 2 crore.
SBI FD rates December 2023: Details
- The interest rate hike varies across different tenures. We take a look at the key SBI FD rates you should know about:
- For deposits maturing between 7 days to 45 days, the interest rate has been increased by 50 basis points, from 3% to 3.50%.
- Similarly, for tenures ranging from 46 days to 179 days, the interest rate has been raised by 25 basis points to 4.75%.
- On tenures of 180 days to 210 days, the interest rate has been hiked from 5.25% to 5.75%, which is again a 25 basis points hike.
- Depositors with FDs maturing between 211 days to less than 1 year will now earn an interest rate of 6%, up from the previous rate of 5.75%.
- For FDs maturing between three years to less than five years, the interest rate has been increased to 6.75% from 6.50%.
However, the rates for other tenures remain unchanged, according to an ET report.
SBI FDI rates for General public
Latest SBI FD interest rate for senior citizens
In addition to these revisions, SBI also offers a specific tenor scheme called “Amrit Kalash” with an interest rate of 7.10%. This scheme is valid until March 31, 2024. Senior citizens are eligible for a higher rate of interest at 7.60%.
These changes in interest rates by SBI aim to provide better returns to depositors on their fixed deposits. With the RBI raising repo rate by 250 basis points since May 2022, banks have raised their fixed deposit and term deposit rates to attract investment in these fixed return instruments.