State Bank of India (SBI) has increased interest rates of its fixed deposits (FDs) across all tenures by up to 20 basis points. The new interest rates will be applicable for fixed deposits of less than Rs 2 crore. As per the bank's website, the increased interest rates on the FDs are effective from October 15, 2022. The bank has hiked interest rates on retail term deposits after a gap of two months. The hike in FD interest rates ranges from 10 basis points (bps) to 20 bps, as per the SBI website.
How much return will you get on SBI FDs below Rs 2 crore?
SBI has increased the interest rates for the deposits maturing between 7 days to 45 days to 3 per cent from 2.90 per cent. Similarly, FDs maturing between 46 days to 179 days, will fetch an interest rate of 4 per cent. Earlier, the interest rate for this tenure was 3.90 per cent. Following the revision, the interest rate on retail domestic term deposits ranging between 180 days to 210 days has jumped to 4.65 per cent from 4.55 per cent. The bank has hiked the interest rate on deposits maturing between 211 days to less than one year to 4.70 per cent from 4.60 per cent. The interest rate on SBI retail domestic term deposits maturing between one year to less than two years has surged to 5.60 per cent from 5.45 per cent. For FDs maturing between two years to less than three years, the interest rate has been raised to 5.65 per cent from 5.50 per cent. On deposits maturing between three years to less than five years, the interest rate has been increased to 5.80 from 5.60 per cent. For FDs maturing between five years to up to 10 years, the interest rate has jumped to 5.85 per cent from 5.65 per cent.
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SBI FD interest rates for less than Rs 2 crore with effect from October 15, 2022
| Tenors | Existing rates for public from 13.08.2022 | Revised rates for public from 15.10.2022 | Existing rates for senior citizens from 13.08.2022 | Revised rates for senior citizens from 15.10.2022 |
| 7 days to 45 days | 2.9 | 3 | 3.4 | 3.5 |
| 46 days to 179 days | 3.9 | 4 | 4.4 | 4.5 |
| 180 days to 210 days | 4.55 | 4.65 | 5.05 | 5.15 |
| 211 days to less than 1 year | 4.6 | 4.7 | 5.1 | 5.2 |
| 1 year to less than 2 year | 5.45 | 5.6 | 5.95 | 6.1 |
| 2 years to less than 3 years | 5.5 | 5.65 | 6 | 6.15 |
| 3 years to less than 5 years | 5.6 | 5.8 | 6.1 | 6.3 |
| 5 years and up to 10 years | 5.65 | 5.85 | 6.45 | 6.65 |
Source: SBI website
SBI Senior Citizen FD interest rate hike
The bank has also increased the interest rates for senior citizen fixed deposits by up to 20 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.
For senior citizens, fixed deposits maturing between 7 days to 45 days will fetch an interest rate of 3.5 per cent with effect from 15.10.2022. Earlier the interest rate was 3.40 per cent for this tenure. For deposits maturing between 46 days to 179 days, the interest rate will rise to 4.50 per cent from 4.40 per cent. The bank has hiked the interest rate for FDs maturing between 180 days to 210 days to 5.15 per cent from 5.05 per cent. The interest rate on fixed deposits maturing between 211 days to less than one year, has jumped to 5.20 per cent from 5.10 per cent. SBI has raised the interest rate on deposits maturing between one year to less than two years to 6.10 per cent from 5.95 per cent. The interest rate on FDs with tenures ranging between two years to less than three years will rise to 6.15 per cent from 6 per cent. The bank has increased the interest rate on fixed deposits with tenure ranging between three years to less than five years to 6.30 per cent from 6.10 per cent. The interest rate on retail domestic term deposits maturing between five years to up to 10 years has gone up to 6.65 per cent from 6.45 per cent.
The Reserve Bank of India (RBI) increased the repo rate by 50 basis points on September 30, 2022. After that, several public and private sector banks have hiked their interest rates on fixed deposits.
SBI has also increased its marginal cost of funds-based lending rate (MCLR) by 25 basis points (bps) across all tenures. The new MCLR rates come into effect on October 15, 2022, as per the bank's website.
