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State Bank of India raises fixed deposit rates for retail and bulk deposits
Photo Courtesy:Avishek Mitra/IBNS

State Bank of India raises fixed deposit rates for retail and bulk deposits

| @indiablooms | 15 May 2024, 04:19 pm

Mumbai: The State Bank of India (SBI) has hiked rates of its fixed deposit interest for specific tenures on retail deposits, up to Rs 2 crore, and bulk deposits, above Rs 2 crore.

These rates have come into effect from today, 15, 2024, according to the SBI website.

Looking at fixed deposits of Rs 2 crore, the bank has raised interest rates by 75 basis points (bps) maturing between 46 days and 179 days from 4.75% to 5.50%.

For senior citizens, the increased rates stand at 6% from 5.25% on the same tenure.

For general citizens, SBI raised the interest rate on the tenure of 180 days to 210 days by 25 bps from 5.75 % to 6%.

On tenure of 211 days to less than 1 year, the bank has hiked FD rates by 25 bps from 6% to 6.25% for general citizens and for senior citizens the rate has been hiked to 6.75% from 6.50%.

For bulk deposits, SBI has increased interest rates by 25 basis points for periods ranging from 7 to 45 days. This has been raised from 5% to 5.25% for general citizens, while senior citizens can now get 5.75% instead of 5.50% on the same tenure.

General citizens, who wish to open an FD with SBI with tenures between 46 days and 179 days, the bank has raised rates by 50 bps from 5.75% to 6.25%.

Senior citizens can enjoy interest rates of 6.25% to 6.75% on the same tenure.

General citizens will be able to get 6.60% interest instead of 6.50%, a hike of 10 bps on tenure from 180 days to 210 days. The rate has been hiked from 7% to 7.10% for senior citizens.

For tenures between 1 year and less than 2 years, the bank has hiked the fixed deposit interest rate by 20 bps from 6.80% to 7%.

For general citizens with deposits for tenure between 2 years to less than 3 years, the interest has been raised from 6.75% to 7% and for senior citizens, the bank has increased from 7.25% to 7.50%.

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