State Bank of India (SBI) has increased the interest rates on fixed deposits (FDs) for retail deposits up to ₹2 crore. These new rates, effective from May 15, 2024, apply to certain time periods ranging from 46 days to less than one year.
The hike varies from 25 to 75 basis points (bps) for FDs with durations of 46 to 179 days, 180 to 210 days, and 211 days to less than one year. This is the first rate hike since December 27, 2023. The revised rates are also applicable to bulk deposits exceeding ₹2 crore.
SBI Increases FD Rates from May 15, 2024
State Bank of India (SBI) has upped its fixed deposit (FD) rates starting today. Here are the latest FD rates:
- 7 days to 45 days: 3.50%
- 46 days to 179 days: 5.50%
- 180 days to 210 days: 6.00%
- 211 days to less than 1 year: 6.25%
- 1 year to less than 2 years: 6.80%
- 2 years to less than 3 years: 7.00%
- 3 years to less than 5 years: 6.75%
- 5 years up to 10 years: 6.50%
The Latest SBI Fixed Deposit Interest Rates
|
Tenors |
Existing Rates for Public (w.e.f. 27/12/2023) | Revised Rates for Public (w.e.f. 15/05/2024) | Existing Rates for Senior Citizen (w.e.f. 27/12/2023) |
Revised Rates for Senior Citizen (w.e.f. 15/05/2024) |
| 7 days to 45 days | 3.5 | 3.5 | 4 | 4 |
| 46 days to 179 days | 4.75 | 5.5 | 5.25 | 6 |
| 180 days to 210 days | 5.75 | 6 | 5.25 | 6.5 |
| 211 days to less than 1 year | 6 | 6.25 | 6.5 | 6.75 |
| 1 Year to less than 2 years | 6.8 | 6.8 | 7.3 | 7.3 |
| 2 years to less than 3 years | 7 | 7 | 7.5 | 7.5 |
| 3 years to less than 5 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 5 years and up to 10 years | 6.5 | 6.5 | 7.50* |
Special SBI Fixed Deposit Schemes
SBI ‘We-Care’ FD Scheme:
- Under the’ SBI We-Care’ deposit plan, enjoy a high interest rate of 7.5%, which includes an extra 0.5% bonus.
SBI Amrit Kalash:
- With the’ Amrit Kalash’ scheme, you can get a steady interest rate of 7.1% for a specific period of 400 days. Senior citizens can avail of an even higher rate of 7.6%. This offer is valid until September 30, 2024.
SBI Green Rupee Term Deposit:
- Opt for this environmentally conscious scheme available for tenures of 1111, 1777, and 2222 days. Enjoy rates 10 basis points (bps) lower than the Card Rate for retail deposits. Bulk deposits also receive the same benefit, ensuring a greener investment option.
No changes have been made to the rates for general customers or senior citizens for FDs with tenures ranging from 211 days to less than 1 year.
Also Read:
Inheritance Tax Row: Nirmala Sitharaman Warns Inheritance Tax Could Reverse India’s Progress
RBI Says NBFCs Can Only Give Loan Cash Payout Up to 20,000 Rupees
RBI Halts Kotak Mahindra Bank’s New Credit Card Issuance and Online Customer Sign-Ups
