SBI Hikes Fixed Deposit Interest Rates By up to 80 bps
MAS Team | 22 October 2022
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The country's largest lender State Bank of India (SBI) on Friday has increased interest rates of its fixed deposits (FDs) by up to 80 basis points (bps).
The new interest rates will be applicable for fixed deposits of less than Rs2 crore. As per the bank's press release on 21st October the increased interest rates on the FDs are effective from 22 October 2022.
The state lender has kept the interest rates for the deposits maturing between 7 days to 45 days to 3 %. However, for FDs maturing between 46 days to 179 days, the interest has been raised to 4.50 % from 4 %.
The interest rate on retail domestic term deposits ranging between 180 days to 210 days has jumped to 5.25% from 4.65%. The bank has hiked the interest rate on deposits maturing between 211 days to less than one year to 5.50% from 4.70 %.
The interest rate on retail domestic term deposits maturing between one year to less than two years has surged to 6.10% from 5.60%. For FDs maturing between two years to less than three years, the interest rate has been raised to 6.25 % from 5.65 %.
On deposits maturing between three years to less than five years, the interest rate has been increased to 6.10% from 5.80%. For FDs maturing between five years to up to 10 years, the interest rate has jumped to 6.10% from 5.85%.
Senior Citizens
The bank has also increased the interest rates for senior citizens' fixed deposits for amounts below Rs2 crore. For senior citizens, the interest rate for the deposits maturing between 7 days to 45 days is 3.50 %.
For FDs maturing between 46 days to 179 days, the interest rate has been increased to 5% from 4.50%. The interest rate on retail domestic term deposits for senior citizens ranging between 180 days to 210 days has jumped to 5.75% from 5.15%.
The bank has hiked the interest rate on deposits maturing between 211 days to less than one year to 6% from 5.20%. The interest rate on retail domestic term deposits maturing between one year to less than two years has surged to 6.60% from 6.10%.
For FDs maturing between two years to less than three years, the interest rate has been raised to 6.75% from 6.15%. On deposits maturing between three years to less than five years, the interest rate has been increased to 6.60 from 6.30%.
For FDs maturing between five years to up to 10 years, the interest rate has jumped to 6.90% from 6.65%.
Dear Investor,
In case of any grievance / complaint :
In case of any grievance / complaint :
- Please contact Compliance Officer Pankaj Raheja at [email protected] and Phone No. - 91-22-35131664.
- You may also approach CEO Debashis Basu at email- id [email protected] and Phone No. - 91-22-35131664.
