After nearly 10 months, the State Bank of India (SBI) has increased FD interest rates. The last hike occurred in February 2023. Explore the latest rates on SBI fixed deposits, with an up to 50 basis points raise on deposits below Rs 2 crore. The enhanced FD rates are effective from 27th December 2023 and apply to deposits exceeding Rs 2 crore as well.
SBI Boosts FD Returns
The State Bank of India (SBI) has implemented significant interest rate hikes on fixed deposits (FDs) maturing within various tenures. Here’s a breakdown of the revised rates:
- 7 to 45 Days Tenure: The interest rate has been raised from 3% to 3.50%, marking a substantial 50 basis points hike.
- 46 to 179 Days Tenure: Investors opting for this tenure will now enjoy an increased interest rate of 4.75%, reflecting a 25 basis points hike from the previous 4.50%.
- 180 to 210 Days Tenure: SBI has elevated the interest rate for this tenure from 5.25% to 5.75%, signalling a 25 basis points increment.
- 211 Days to Less Than 1 Year: Investors opting for this tenure will now enjoy an increased interest rate of 6%, up from the previous 5.75%, indicating a 25 basis points hike.
- 3 Years to Less Than 5 Years: For deposits maturing within this timeframe, the interest rate has been raised to 6.75% from 6.50%, reflecting a 25 basis points increment.
Latest SBI FD Interest Rates (Public) – Effective 27th Dec 2023
| Tenors | Existing Rates (%) as of 15/02/2023 | Revised Rates (%) as of 27/12/2023 |
| 7 days to 45 days | 3 | 3.5 |
| 46 days to 179 days | 4.5 | 4.75 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6 |
| 1 year to less than 2 years | 6.8 | 6.8 |
| 2 years to less than 3 years | 7 | 7 |
| 3 years to less than 5 years | 6.5 | 6.75 |
| 5 years and up to 10 years | 6.5 | 6.5 |
Latest SBI FD Interest Rates for Senior Citizens – Effective 27th Dec 2023
| Tenors | Existing Rates (%) as of 15/02/2023 | Revised Rates (%) as of 27/12/2023 |
| 7 days to 45 days | 3.5 | 4 |
| 46 days to 179 days | 5 | 5.25 |
| 180 days to 210 days | 5.75 | 6.25 |
| 211 days to less than 1 year | 6.25 | 6.5 |
| 1 year to less than 2 years | 7.3 | 7.3 |
| 2 years to less than 3 years | 7.5 | 7.5 |
| 3 years to less than 5 years | 7 | 7.25 |
| 5 years and up to 10 years | 7.5 | 7.50* |
SBI’s “400 Days” (Amrit Kalash) Scheme
The SBI website has introduced a special tenor scheme known as “400 Days” (Amrit Kalash) with a competitive interest rate of 7.10%, effective from 12th April 2023. Notably, senior citizens are eligible for an even more favourable rate of interest at 7.60%. This scheme is set to remain valid until 31st March 2024, providing an attractive investment opportunity for both regular and senior citizen investors seeking optimal returns within the specified timeframe.
Source: sbi.co.in
