SBI hikes fixed deposit interest rates

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.

Read More | SBI threatens to stop net banking facility for some account holders after December 1, know why

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%.

Also Read | Bank Credit/Debit Cards to get blocked if you don't follow THESE steps before December 31

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.