The State Bank of India (SBI) has increased fixed deposit (FD) rates for some select maturity periods. The revised SBI rates on retail FDs of less than Rs 1 crore are effective from November 28. According to the revised rates, SBI is offering 6.8% interest rate on FDs with a maturity period of one to two years, as compared to 6.7% earlier. The interest rate for senior citizens also goes up to 7.30% on SBI FDs with tenure between one year and two years, from 7.2% earlier.
The country’s largest lender has also increased the rate on FDs with maturity period between two years and three years to 6.80% as compared to 6.75% earlier. The interest rate for senior citizens has also gone up to 7.30% on SBI FDs with tenure between two years and three years, from 7.25% earlier.
SBI offers FDs across a wide spectrum of maturity, starting from seven days to 10 years. The interest rate on SBI FDs with a maturity of seven days to 45 days is unchanged at 5.75%. For FDs between 46 days and 179 days, the interest rate is steady at 6.25%. Similarly, for FDs with a maturity of 180 days to 210 days, the interest rate remains unchanged at 6.35%. And for 211 days to less than one year, the interest rate remains steady at 6.40%.
For higher maturity tenure fixed deposits of three years to less than five years and five years and up to 10 years, the interest rate remains unchanged at 6.80% and 6.85%, respectively. SBI offers senior citizens 50 basis points additional interest rate for FDs across all tenures. FDs with a minimum lock-in period of five years qualify for tax benefits under Section 80C.