SBI hikes fixed deposit interest rates by up to 80 bps; check latest FD rates

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State Bank of India (SBI) has increased interest rates of select fixed deposits (FDs) tenures by up to 80 basis points. The hike in FD interest rates ranges from 25 bps to 80 bps, as per the SBI website. The new interest rates will be applicable for fixed deposits of less than Rs 2 crore. The increased interest rates on the FDs are effective from October 22, 2022. The bank hiked interest rates on retail term deposits across all tenures by up to 20 basis points on October 15,2022. With two back-to-back hikes in a week, the interest rate for FDs maturing between 211 days to less than one year jumped by 90 basis points. How much return will you get on SBI FDs below Rs 2 crore?
SBI has increased the interest rates for the deposits maturing between 46 days to 179 days to 4.5 per cent from 4 per cent. Similarly, FDs maturing between 180 days to 210 days, will fetch an interest rate of 5.25 per cent. Earlier, the interest rate for this tenure was 4.65 per cent.

The bank has hiked the interest rate on deposits maturing between 211 days to less than one year to 5.50 per cent from 4.70 per cent which is 80 basis points. SBI raised the interest rate of this tenure to 4.7 per cent from 4.6 per cent which is 10 basis points. With the latest FD rate hike, the interest rate for this tenure increased by 90 basis points in a week.

Also read: This SBI FD allows you to withdraw money anytime without paying a penalty: Check details

The interest rate on SBI retail domestic term deposits maturing between one year to less than two years has surged to 6.10 per cent from 5.60 per cent. For FDs maturing between two years to less than three years, the interest rate has been raised to 6.25 per cent from 5.65 per cent. On deposits maturing between three years to less than five years, the interest rate has been increased to 6.10 from 5.80 per cent. For FDs maturing between five years to up to 10 years, the interest rate has jumped to 6.10 per cent from 5.85 per cent.

SBI FD interest rates for less than Rs 2 crore with effect from October 22, 2022

TenorsExisting Rates for Public w.e.f. 15.10.2022Revised Rates For Public w.e.f. 22.10.2022Existing Rates for Senior Citizens w.e.f. 15.10.2022Revised Rates for Senior Citizens w.e.f. 22.10.2022
7 days to 45 days333.53.5
46 days to 179 days44.54.55
180 days to 210 days4.655.255.155.75
211 days to less than 1 year4.75.55.26
1 year to less than 2 year5.66.16.16.6
2 years to less than 3 years5.656.256.156.75
3 years to less than 5 years5.86.16.36.6
5 years and up to 10 years5.856.16.656.9

Source: SBI website

SBI hikes Senior Citizen FD interest rate
The bank has also hiked the interest rates of select senior citizen fixed deposits tenures by up to 80 basis points for amounts below Rs 2 crore. Let’s see how much interest an elderly customer will get on fixed deposits in SBI now.

Also read: SBI hikes MCLR by 25 bps; loan EMI burden to increase

For deposits maturing between 46 days to 179 days, the interest rate will rise to 5 per cent from 4.50 per cent. The bank has hiked the interest rate for FDs maturing between 180 days to 210 days to 5.75 per cent from 5.15 per cent. The interest rate on fixed deposits maturing between 211 days to less than one year, has jumped to 6 per cent from 5.20 per cent which is 80 basis points. SBI has raised the interest rate on deposits maturing between one year to less than two years to 6.60 per cent from 6.10 per cent. The interest rate on FDs with tenures ranging between two years to less than three years will rise to 6.75 per cent from 6.15 per cent. The bank has increased the interest rate on fixed deposits with tenure ranging between three years to less than five years to 6.60 per cent from 6.30 per cent. The interest rate on retail domestic term deposits maturing between five years to up to 10 years has gone up to 6.90 per cent from 6.65 per cent.

After, the Reserve Bank of India’s last interest in repo rate from 5.4 per cent to 5.9 per cent on September 30, 2022, most banks have hiked FD rates.

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