State Bank of India (SBI) increased interest rates on fixed deposits of less than Rs 2 Cr

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SBI 4

State Bank of India (SBI), the country’s largest lender, has raised interest rates on fixed deposits of less than Rs 2 crore. According to the bank’s website, the increased rates are effective as of August 13, 2022. Following the adjustment, the bank raised interest rates on a range of tenors and is now offering fixed deposits with maturities ranging from 7 days to 10 years at rates ranging from 2.90% to 5.65% for the general public and 3.40% to 6.45% for senior citizens.

State Bank of India (SBI) Fixed Deposit Rates

Sbi fixed deposits interest
SBI FD Rates (sbi.co.in)

The bank will continue to offer a 2.90% interest rate on fixed deposits maturing in 7 days to 45 days, and a 3.90% interest rate on term deposits maturing in 46 days to 179 days. Fixed deposits maturing in 180 days to 210 days will now provide an interest rate of 4.55%, up from 4.40% previously, a 15 basis point increase, while term deposits maturing in 211 days to less than one year will continue to offer an interest rate of 4.60%. SBI will now give an interest rate of 5.45%, up from 5.30% before, on fixed deposits expiring in one year to less than two years, a 15 basis point increase. SBI increased the interest rate on fixed deposits maturing in 2 to 3 years from 5.35% to 5.50%, a 15 basis point increase, and on fixed deposits maturing in 3 to 5 years from 5.45% to 5.60%, a 15 basis point increase. Deposits due in 5 to 10 years will now provide an interest rate of 5.65%, up from 5.50% previously, representing a 15 basis point increase.

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SBI will continue to offer an additional rate of 0.50% to elderly individuals on fixed deposits maturing in 7 days to 5 years, and senior citizens will continue to receive an additional premium of 30 bps (over and above the existing 50 bps under the SBI Wecare Deposit scheme) on fixed deposits maturing in 5 years and above. “ A unique ” SBI Wecare ” “Deposit for Senior Citizens introduced in the Retail TD sector, in which an additional premium of 30 bps (over and above the existing 50 bps as shown in the above table) will be paid to Senior Citizens on their retail TD for tenors of ‘5 Years and above’ exclusively. The “SBI Wecare” deposit plan has been extended until September 30th, 2022.” SBI stated on its website.

SBI Domestic Bulk Term Deposits

SBI interest page
SBI FD Rates (sbi.co.in)

SBI has recently increased the interest rate on Domestic Bulk Term Deposits of Rs. 2 Crores or more.

SBI has raised its interest rate on deposits maturing between 46 and 179 days from 4.00% to 4.25%, and on fixed deposits maturing between 180 and 210 days from 4.25% to 4.50%. Fixed deposits maturing in 211 days to less than one year will now offer an interest rate of 5.00, up from 4.50% previously, while term deposits maturing in one year to less than two years will now give an interest rate of 6.00%, up from 5.25% previously. SBI increased the interest rate on term deposits maturing in 2 years to less than 3 years from 4.25% to 5.25%, and on fixed deposits maturing in 3 years to less than 5 years from 4.50% to 5.25%. SBI will now offer an interest rate of 5.00%, up from 4.50% before, on fixed deposits expiring in 5 years and up to 10 years, representing a 50 basis point increase.

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