July4 , 2022

SBI hikes interest rates on fixed deposits: Check new rates here

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The interest rate on fixed deposits has been raised by the country’s largest lender, State Bank of India (SBI). The new interest rates go into effect today, June 14, 2022, and as a result of the modification, the bank has raised interest rates on deposits of less than 2 Cr maturing in 211 days to less than 3 years.

SBI FD Rates 2022

On deposits of 7 days to 45 days the bank will continue to offer an interest rate of 2.90% and on deposits of 46 days to 179 days the interest rate has been kept unchanged at 3.90%. Deposits maturing in 180 days to 210 days will continue to fetch an interest rate of 4.40% but on deposits of 211 days to less than 1 year the bank has hiked the interest rate from 4.40% to 4.60% a 20 bps hike. SBI will now offer an interest rate of 5.30% which was 5.10% earlier, a hike of 20 bps on deposits of 1 year to less than 2 years.

Deposits maturing in two to three years will now return 5.35 per cent, up from 5.20 per cent previously, a 15 basis point increase. The bank will continue to give an interest rate of 5.45 per cent on deposits of 3 to less than 5 years, while the interest rate on deposits of 5 to 10 years will remain steady at 5.50 per cent. Senior citizens will continue to receive an additional rate of 0.50 per cent over the regular rate on deposits of 7 days to 5 years, and following today’s revision, senior citizens will receive an interest rate of 5.10 per cent on deposits of 211 days to less than 1 year, 5.80 per cent on deposits of 1 year to less than 2 years, and 5.85 per cent on deposits maturing in 2 years to less than 3 years.

SBI FD Rates

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SBI FD Rates (sbi.co.in)

SBI has a special fixed deposit scheme for senior citizens called “SBI Wecare” Deposit, which gives an additional premium of 30 basis points (bps) on deposits maturing in 5 years and up to 10 years. The bank provides a regular rate of 5.50 per cent for this tenure, but elderly folks will receive an additional rate of 80 basis points at 6.30 per cent. This special offer for elderly people is only available till September 30th, 2022.

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