SBI Fixed Deposit Interest Rates: A week after the Reserve Bank of India raised its repo rates for the second consecutive time, India’s largest public sector lender, the State Bank of India, raised interest rates on fixed deposits by up to 20 basis points. The rates came into effect from Tuesday, June 14. The new SBI FD interest rates are applicable to deposits below Rs 2 crore, the lender said on its website.
The maximum interest rate will be enjoyed by depositors who have or will open an FD account within 211 days to less than one year term. There is a 20 basis point increase on these warrants, which has consequently raised interest rates on these deposits to 4.60% from 4.40% previously, according to the bank’s website. For terms of one year to less than two years, the rates were raised from 5.10% to 5.30%, which also represents an increase of 20 basis points. SBI FD rates for deposits maturing between two years and less than three years were raised by 15 basis points, from 5.20% to 5.35%, the bank said.
The revised interest rates will now apply to new deposits as well as renewals of maturing deposits, the SBI said. NRO term deposit interest rates will be aligned with domestic term deposit interest rates. The rate of interest payable to SBI staff and SBI retirees will be 1% above the applicable rate. The rate applicable to all SBI seniors and pensioners aged 60 and over will be 0.50% higher than the rate payable for all tenors to resident Indian seniors.
Here are the revised interest rates on fixed bulk deposits below Rs 2 crore at SBI from 14 June 2022:
7 days to 45 days: For the general public – 2.90%; For the elderly – 3.40%
46 days to 179 days: For the general public – 3.90%; For the elderly – 4.40%
180 days to less than one year: For the general public – 4.60%; For seniors – 5.10%
1 year to less than 2 years: For the general public – 5.30%; For seniors – 5.80%
2 years to less than 3 years: For the general public – 5.35%; For seniors – 5.85%
3 years to less than 5 years: For the general public – 5.45%; For seniors – 5.95%
5 years up to 10 years: For the general public – 5.50%; For the elderly – 6.30%.
Several banks raised their interest rates on fixed deposits following the RBI’s announcement on June 8. Recently, a slew of other banks have raised their interest rates on fixed deposits over multiple duration baskets for retail customers. The hike in SBI FD interest rates is also a direct result of the RBI’s decision. The RBI said it was withdrawing its dovish stance to control inflation in line with decisions taken at the bi-monthly monetary policy committee meeting. The RBI had raised repo rates by 50 basis points to 4.90% this time.
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