SBI Hikes FD Rates Before New Year; Check Out New Interest Rates

SBI Hikes Interest Rate on FDs: State Bank Of India (SBI, India's largest public sector bank, has hiked interest rates on fixed deposits (FTs). The new interest rate is effective from December 27 and is applicable for FDs below ₹2 crore.

The public sector bank has hiked rates by 50 basis points (bps) for deposits maturing in 45 days from seven days. Now these deposits will fetch you an interest rate of 3.50%, from 46 days to 179 days, the bank has hiked rates by 25 bps and these will guarantee an interest rate of 4.75%. On term deposits between 180 days and 210 days, SBI has increased rates by 50 bps. These FDs earn an interest rate of 5.75%.

SBI has increased interest rates for FDs of all tenures except one year to less than 2 years, 2 years to less than 3 years and five years to ten years tenures.

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SBI Latest FD rates

7 days to 45 days - 3.50% for common people, 4% for Senior Citizens

46 days to 179 days- 4.75% for common people, 5.25% for Senior Citizens

from 180 days to 210 days- 5.75% for common people, 6.25% for senior Citizens

from 211 days to less than 1 year- 6% for common people, 6.5% for senior citizen

for 1 year to 2 years - Common people 6.80%, Senior Citizen - 7.30%

7.00% for a period of 2 years to 3 years, senior citizens - 7.50%

6.75% for a period of 3 years to 5 years, 7.25% for senior citizens

6.50% for a period of 5 years and up to 10 years, 7.5% for senior Citizens

Earlier, the public sector bank revised its interest rates on FDs in February 2023. The move came days after the Reserve Bank of India decided to not revise repo rates.

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