SBI raised interest rate on FD

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New DelhiThe largest bank in the country SBI (State Bank of India) presented its customers with a gift for the Diwali holiday. The State Bank of India (SBI) has raised its fixed deposit (FD) rates to 80 basis points (an increase in the SBI FD interest rate). The increased interest rates are effective from today (10/22/2022). This increase is for term retail deposits, which means that if someone makes an FD of less than two crore rupees, then only they will benefit.

80 basis points more interest on FDs up to one year
From 211 days to one year, the FD will now earn interest at 5.50 percent, according to information obtained by SBI. Earlier for this period they gave 4.70 percent. If a senior citizen makes an FD for this period, they will now receive 6.00 percent interest. Previously, interest of 5.20% was paid for this period.

FD rate increased for all lengths of stay
The bank increased the FD rate from 180 to 210 days to 4.55 percent. The rate for a period of one year to less than 2 years increased from 5.30% to 5.45%. SBI increased interest rates on FDs with maturities of 2 years to less than 3 years, to 6 percent. From 3 to less than 5 years, bank PD interest rates are now 6.10. At the same time, interest rates for a period of 5 to 10 years are 6.45 percent.

Duration old interest rate new interest rate
from 7 days to 45 days 3.00 3.00
from 46 days to 179 days 4.oo 4.50
from 180 to 210 days 4.65 5.25
from 211 days to less than 1 year 4.70 5.50
1 year to less than 2 years 5.60 6.10
2 years to less than 3 years 5.65 6.25
3 years to less than 5 years 5.80 6.10
from 5 years to 10 years 5.85 6.10

By 50 b.p. more interest in retirees
SBI offers higher interest rates for seniors. For any period for which seniors receive FD, they will be granted 50 basis points, i.e. the interest rate is half a percentage point higher than the interest rate available to the general public. If they receive FD for a period of 5 to 10 years, then they will receive 80 basis points from the general public, which means 6.90 percent per annum.

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