SBI Fixed Deposits: State Bank of India (SBI) has increased interest rates on its fixed deposits by up to 125 basis points (bps) on select tenors, effective May 15, 2024.

The revision has been effected on both retail domestic term deposits of below Rs 2 crore and domestic bulk term deposits of Rs 2 crore and above, according to SBI website.

Retail domestic term deposits of below Rs 2 crore

Source: SBI website

For FDs of below Rs 2 crore with a maturity period of 7 days to 45 days, the bank has kept the rates unchanged for both general customers and senior citizens. For deposits with 46 days to 179 days maturity, SBI has hiked rates by 75 bps to 5.50% from 4.75% earlier for general customers. Senior citizens will now get a 6% rate against the previous 5.25% on FDs of these tenures.

Also read: FD interest up to 9.5%! Fixed deposit rates revised by these banks across tenors

General customers booking FDs of 180 days to 210 days tenures will get 6% interest on fixed deposits against the earlier 5.75%. For same tenure FDs, senior citizens will get 6.5% interest against the earlier 5.25%, an increase of 125 bps.

On FDs of tenures ranging 211 days to less than 1 year, the bank is providing 6.25% rate now against 6% earlier to general customers and 6.75% interest rate against 6.5% earlier to senior citizens.

For general customers buying SBI FDs for tenures of 1 year to less than 2 years, they will continue to get an FD rate of 6.8% with no change in rates under this tenure range. There is no change in rates for senior citizens either and they will keep receiving 7.3% interest rate on the FDs of these tenures.

For tenures ranging 2 years to less than 3 years, interest rate on FDs for general customers is maintained at 7% and for seniors at 7.5%. Similarly, FD tenures ranging 3 years to 5 years will continue to fetch 6.75% for normal customers and 7.5% for senior citizens.

SBI ‘We-Care’ FD scheme

The rate of 7.5% includes an additional premium of 50 bps under ‘SBI We-Care’ deposit scheme.

SBI Amrit Kalash

The specific tenor scheme, ‘Amrit Kalash’ of 400 days will continue to attract 7.1% interest rate. Senior citizens are eligible for a rate of interest of 7.6%. The scheme is valid till September 30, 2024.

SBI GREEN RUPEE TERM DEPOSIT is available for three specific tenors of 1111, 1777 & 2222 days, at 10 bps below Card Rate for Retail deposits.

Domestic bulk term deposits of Rs 2 crore and above:

Source: SBI website

On bulk term deposits of Rs 2 crore and above with tenures ranging 7 days to 45 days, general customers will get 5% interest rate against 5% earlier. Senior citizens will receive a 5.75% rate on these FDs against 5.5% earlier.

Those subscribing to tenures of 46 days to 179 days will receive 6.25% interest rate against 5.75% earlier in the general customer category. Senior citizens will be offered 6.75% interest rate against the previous 6.25% for these tenures.

General customers will get 6.6% rate on FDs of 180 days to 210 days tenures against 6.5% earlier; while senior citizens will be offered 7.1% rate against 7% earlier.

There is no change in rates for general customers or senior citizens subscribing to FDs of tenures 211 days to less than 1 year. For these tenures, general customers will continue to get 6.75% and senior citizens 7.25%.

On tenures of 1 year to less than 2 years, the bank is now offering a 7% rate against 6.85 earlier to general customers; and for senior citizens, the rate has been hiked by 20 bps to 7.5% from 7.3% earlier.

For 2 years to less than 3 years tenures, the rate has been revised for general customers to 7% against 6.75% earlier. Senior citizen customers will receive 7.5% now against 7.25% previously.

There are no changes in FD rates for tenures renaging 3 years to less than 5 years and 5 years to 10 years for both general customers and senior citizens. General customers will keep receiving an interest rate of 6.25% on FDs of tenures ranging 3 years to 5 years. For tenures ranging 5 years and up to 10 years, the rate is 6% for the general public.

For senior citizens buying FDs of tenures 3 years to less than 5 years, the rate of interest is 6.75%. On tenures ranging 5 years and up to 10 years, the rate is 6.5% for seniors.

SBI Green Rupee Term Deposit

SBI Green Rupee Term Deposit, which is available for three specific tenors of 1111, 1777 and 2222 days – will attract 10 bps below Card Rate interest rates for bulk deposits.