The State Bank of India has increased its fixed deposit (FD) interest rates for some of its schemes on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore). The FD rates were tweaked in the ranges from 0.25 per cent to 0.75 per cent. The new interest rates came into effect on May 15. The bank last hiked interest rates on FDs on December 27, 2023.
The rates for fixed deposits under Rs 2 crore with 7 to 45 days maturity have been kept same for all customers. For 46 to 179 days, the SBI has hiked the rates to 5.50% from 4.75% for regular customers and to 6% from 5.25% for senior citizens.
Customers booking FDs for 180 to 210 days will get 6% interest, up from 5.75%. Senior citizens receive 6.5% instead of 5.25%. For 211 days to less than 1 year, rates have been revised to 6.25% and 6.75% for seniors.
General customers purchasing SBI FDs for 1 to less than 2 years will get a 6.8% rate, while senior citizens will get 7.3% interest rate for the same tenure range.
For tenures ranging 2 years to less than 3 years, interest rate on FDs for general customers is maintained at 7% and for seniors at 7.5%. Similarly, FD tenures ranging 3 years to 5 years will continue to fetch 6.75% for normal customers and 7.5% for senior citizens.
| Tenors | General customers | Senior citizens |
| 7 days to 45 days | 3.5% | 4% |
| 46 days to 179 days | 5.50% | 6% |
| 180 days to 210 days | 6% | 6.50% |
| 211 days to less than 1 year | 6.25% | 6.75% |
| 1 Year to less than 2 years | 6.8% | 7.3% |
| 2 years to less than 3 years | 7% | 7.5% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.5% | 7.50% |
SBI bulk deposit interest rates
For bulk deposits for tenures ranging from 7 to 45 days, the bank has hiked interest rates by 25 basis points from 7 to 45 days. The new rates are 5.25% for general citizens and 5.75% for senior citizens.
For general citizens, the interest rates for tenures between 46 days and 179 days were increased by 50 bps from 5.75% to 6.25%. The bank has increased from 6.25% to 6.75% for senior citizens on the same tenure. The bank has hiked 10 bps on tenure 180 days to 210 days for general citizens from 6.50% to 6.60% and from 7% to 7.10% for senior citizens.
The fixed deposit interest rates have been increased by the bank for tenures of 1 year to less than 2 years. The rate went up from 6.80% to 7%. Meanwhile, for 2 to less than 3 years, rates rose from 6.75% to 7% for general citizens and from 7.25% to 7.50% for senior citizens.