SBI FD Interest Rates 2024: The State Bank of India (SBI) has increased the interest rates on fixed deposits for specific durations, applicable to both retail deposits (up to Rs 2 crore) and bulk deposits (exceeding Rs 2 crore).
These revised FD rates come into effect starting May 15, 2024.
Also Read: Fixed Deposit or Recurring Deposit: Which Is Better? Here’s How To Decide
A fixed deposit (FD) is a financial instrument provided by banks and financial institutions where an individual deposits a certain amount of money for a fixed period at a predetermined interest rate.
The deposited amount cannot be withdrawn until the maturity date of the deposit, which can range from a few days to several years.
Fixed deposits typically offer higher interest rates compared to regular savings accounts, making them a popular choice for individuals looking to earn higher returns on their savings with minimal risk.
SBI FD Rates Revision (Below Rs. 2 crore) w.e.f. May 15, 2024
The bank has raised its fixed deposit interest rates by 75 basis points (bps) for deposits maturing between 46 days and 179 days, increasing it from 4.75% to 5.50%. Senior citizens will now enjoy a hike from 5.25% to 6% on deposits of the same tenure.
SBI increased the interest rate for the tenure of 180 days to 210 days by 25 basis points, from 5.75% to 6% for general citizens.
Furthermore, the bank has raised FD rates by 25 basis points for the tenure of 211 days to less than 1 year, increasing it from 6% to 6.25% for general citizens and from 6.50% to 6.75% for senior citizens.
SBI FD Rates Revision (Above Rs. 2 crore) w.e.f. May 15, 2024
For bulk term deposits of Rs 2 crore and above spanning 7 to 45 days, general customers will now receive a 5% interest rate, up from the previous 5%.
Senior citizens will enjoy a 5.75% rate on these FDs, compared to the earlier 5.5%.
Customers opting for tenures of 46 to 179 days will now earn a 6.25% interest rate, an increase from the previous 5.75% for general customers. Senior citizens will be offered a 6.75% interest rate, up from the previous 6.25% for these tenures.
General customers will receive a 6.6% rate on FDs with tenures of 180 to 210 days, an increase from the previous 6.5%. Senior citizens will now be offered a 7.1% rate, compared to the earlier 7%.
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