SBI hikes fixed deposit interest rates by up to 20 basis points; check new FD offers

The State Bank of India (SBI), the country's largest public sector lender, has hiked the interest rates for its different fixed deposit (FD) schemes of less than Rs 2 crore. The interest rates have been hiked by up to 20 basis points.

As per the new rate list, the bank will be offering an interest rate ranging from 3.00 per cent to 5.85 per cent for the general public, and 3.50 per cent to 6.65 per cent for senior citizens on deposits maturing in 7 days to 10 years.

Revised rates

For deposit schemes of 7 days to 45 days, the bank has hiked the interest rate from 2.90 per cent to 3.00 per cent, an increase of 10 bps. One basis point is equal to 1/100th of 1 per cent, or 0.01 per cent. 

For deposits maturing in 46 days to 179 days, the lender has hiked the interest rate by 10 bps from 3.90 per cent to 4.00 per cent. Deposits maturing in 180 days to 210 days, the bank will now offer an interest rate of 4.65 per cent, which was earlier 4.55 per cent. For schemes of 211 days to less than one year, the new interest rate is 4.70 per cent, which was 4.60 per cent earlier.

The interest rate has been hiked by 15 bps for deposits between 1 year and less than 2 years to 5.60 per cent from 5.45 per cent. The lender has also raised the interest rate to 5.65 per cent on deposits maturing in 2 years to less than 3 years. 

The bank has increased interest rates on deposits maturing in 3 years to less than 5 years from 5.60 per cent to 5.80 per cent, a 20 basis point increase. For deposits maturing in 5 years to up to 10 years, the new rate is now 5.85 per cent, a 20 basis point increase from what was offered earlier.

Rates for senior citizens

The bank is offering a special "SBI Wecare" deposit for senior citizens with an additional premium of 30 bps (over and above the existing 50 bps) for 5 years and above tenor only. The special deposit scheme has been extended till March 31, 2023. The interest rate payable to SBI Staff and SBI pensioners will be 1.00 per cent above the designated rate.