With the latest revision of interest rates, SBI pensioners can now book fixed deposits at 7.9% interest for tenors of 5 to 10 years. This is because SBI provides 1% extra FD interest to its employees and pensioners. Pensioners of SBI also enjoy the extra 0.5% interest offered to other senior citizens for FDs across different tenors.
After the revision of FD rates from October 22, the interest rate for senior citizens has jumped to 6.9% on FDs of 5 years and above. This means an SBI pensioner can get 7.9% (6.9%+1%) interest on deposits of 5 years and above.
“The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%),” SBI says on its website.
SBI Savings Account Interest Rate Revised
State Bank of India has increased the interest rates on saving bank deposits by 0.30% (30 bps) to 3% for balances of Rs 10 crore and above. The interest rates for deposits below Rs. 10 Crore remain unchanged at 2.70%, the bank said in a statement.
Also Read: Is Fixed Deposit an asset or a liability?
SBI Fixed Deposit Interest Rates
SBI has also revised interest rates on fixed deposits of various tenors for other depositors from October 22. The bank is offering 4.5% interest on deposits of 46 days to 179 days. For term deposits of 180 days to 210 days, the public sector bank is offering 5.25% interest.
The highest interest rate offered by SBI for deposits below Rs 2 crore is 6.1% on FDs of 5 years and up to 10 years. For deposits of 3 years to less than 5 years, SBI is offering 6.1% interest per annum. The interest rate on SBI FD from 2 years to less than 3 years is 6.25%.
| Time Bucket | Existing Interest Rate for Public w.e.f. 15-Oct-2022 | Revised Interest Rate for Public w.e.f. 22-Oct-2022 | Existing Interest Rate for Senior Citizen w.e.f. 15-Oct-2022 | Revised Interest Rate for Senior Citizen w.e.f. 22-Oct-2022 |
| 7 days to 45 days | 3.00 | 3.00 | 3.50 | 3.50 |
| 46 days to 179 days | 4.00 | 4.50 | 4.50 | 5.00 |
| 180 days to 210 days | 4.65 | 5.25 | 5.15 | 5.75 |
| 211 days to less than 1 year | 4.70 | 5.50 | 5.20 | 6.00 |
| 1 Year to less than 2 year | 5.60 | 6.10 | 6.10 | 6.60 |
| 2 years to less than 3 years | 5.65 | 6.25 | 6.15 | 6.75 |
| 3 years to less than 5 years | 5.80 | 6.10 | 6.30 | 6.60 |
| 5 years and up to 10 years | 5.85 | 6.10 | 6.65 | 6.90 |
SBI offers an extra 0.5% interest on fixed deposits of all tenors to senior citizens. They can now get 6.9% annual interest on deposits of 5 years to 10 years.
SBI introduced a specific tenor of 1000 days at ROI of 6.10 % from 15th August 2022 for 75 days. Besides, the bank is offering “SBI Wecare” deposits to senior citizens. Under this scheme, senior citizens can get an extra 0.3% interest on FDs of 5 years and above. The extra interest is over and above the 0.5% interest provided to senior citizens on term deposits of different tenors.
Also Read: Relying only on FDs may leave you poorer
SBI Wecare deposit scheme was recently extended up to 31st March 2023. Senior citizens opening a “We Care” deposit with SBI can earn 6.65% interest per annum.
(The article has been updated after SBI’s FD rates revision effective from October 22, 2022)