SBI hikes interest rates on fixed deposits by up to 80 basis points; check new FD rates

The State Bank of India has increased interest rates on retail term deposits below Rs 2 crore from Saturday, October 22. The hike in FD (fixed deposit) interest rates ranges from 25 to 80 basis points. Earlier this month, the bank had hiked interest rates on retail term deposits across all tenures by up to 20 basis points. The interest rate for FDs maturing between 211 days to less than one year has jumped by 90 basis points.

The largest public sector lender has increased the interest rate on deposits maturing between 211 days to less than one year to 5.50 per cent from 4.70 per cent, up by 80 basis points. The interest rate on retail domestic term deposits maturing between one year to less than two years has been increased to 6.10 per cent from 5.60 per cent. 

For FDs with tenure ranging between two years to less than three years, the interest rate has been raised to 6.25 per cent from 5.65 per cent. On FDs maturing between three years to less than five years, the rate has been increased to 6.10 from 5.80 per cent. For FDs maturing between 5 years to up to 10 years, the interest rate has been hiked to 6.10 per cent from 5.85 per cent.

For senior citizens

The bank has hiked the rates by up to 80 basis points in the case of senior citizens for amounts below Rs 2 crore. The interest rate for deposits maturing between 46 days to 179 days will rise from 4.50 per cent to 5 percent. FDs maturing between 180 days to 210 days will now earn 5.75 per cent interest from 5.15 per cent earlier. In the case of deposits maturing between 211 days to less than one year, the rate has now jumped to 6 per cent from 5.20 per cent.

The interest rate on deposits maturing between one year to less than two years is hiked to 6.60 per cent from 6.10 per cent. FDs with tenures ranging between two years to less than three years will rise to 6.75 per cent from 6.15 per cent. 

The interest rate on FDs maturing between three years to less than five years is hiked to 6.60 per cent from 6.30 per cent. The interest rate on retail domestic term deposits with tenure ranging between 5 years to up to 10 years has been hiked to 6.90 percent from 6.65 percent.

Most banks have increased FD rates ever since the Reserve Bank of India hiked its report rate from 5.4 per cent to 5.9 per cent on September 30, 2022.

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