State Bank Of India latest FD rates: State Bank of India (SBI) has increased the interest rates offered on its fixed deposits (FD). This increase has been made for both retail FDs up to Rs 2 crore and FDs above that amount. This increase in interest rates is applicable on fixed deposits with certain time periods. This increase has been made up to 75 basis points (bps) on FDs of certain specific tenures. It has been told on the SBI website that the new FD interest rates (SBI FD Rates) have come into effect from May 15, 2024.
How much return will you get on FD less than Rs 2 crore?
SBI has increased its fixed deposit interest rates by 75 basis points (bps) on retail fixed deposits of less than Rs 2 crore maturing between 46 days to 179 days. With this, these rates have increased from 4.75 percent to 5.50 percent. Senior citizens will now be given 6 percent interest instead of 5.25 percent on FD of the same period. SBI has increased the interest rate on FDs for general citizens with a tenure of 180 days to 210 days by 25 basis points from 5.75 percent to 6 percent. FD rates for tenure between 211 days to less than 1 year have been increased from 6 percent to 6.25 percent for general citizens and from 6.50 percent to 6.75 percent for senior citizens.
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Latest interest rates on SBI retail FD
|
Duration |
Current Rates for General Depositors (%) |
New Rates for General Depositors (%) (Effective from 15/05/2024) |
Current Rates for Senior Citizens (%) |
New Rates for Senior Citizens (%) (Effective from 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 |
|
From 211 days to less than 1 year |
6 |
6.25 |
6.5 |
6.75 |
|
From 1 year to less than 2 years |
6.8 |
6.8 |
7.3 |
7.3 |
|
From 2 years to less than 3 years |
7 |
7 |
7.5 |
7.5 |
|
From 3 years to less than 5 years |
6.75 |
6.75 |
7.25 |
7.25 |
|
5 to 10 years |
6.5 |
6.5 |
7.50* |
7.50* |
(All interest rates applicable from 15 May 2024, Source: SBI website)
Also read: ELSS vs FD: Make regular investments from now on for tax saving, which is better between ELSS and FD?
Interest rates on FD above Rs 2 crore
SBI has increased the interest rates on bulk deposits for a period of 7 to 45 days by 25 basis points. For ordinary citizens, this rate has now increased from 5 percent to 5.25 percent. For senior citizens, the bank has increased the rate from 5.50 percent to 5.75 percent for the same period. The interest rate for general citizens on FDs with tenure between 46 days to 179 days has been increased by 50 bps from 5.75 percent to 6.25 percent. The interest rate for senior citizens on FD of the same period has been increased from 6.25 percent to 6.75 percent. The interest rate on FDs with a tenure of 180 days to 210 days has been increased by 10 bps from 6.50 percent to 6.60 percent for general citizens and from 7 percent to 7.10 percent for senior citizens. Fixed deposit interest rate for tenure more than 1 year and less than 2 years has been increased by 20 bps from 6.80 percent to 7 percent. Whereas for the period between 2 years to less than 3 years, the interest rate of SBI has been increased from 6.75 percent to 7 percent for general citizens and from 7.25 percent to 7.50 percent for senior citizens.
