Save More From FD: SBI Hikes Fixed Deposit Interest Rates, Check Full Details Here

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The deposited amount cannot be withdrawn until the maturity date of the deposit, which can range from a few days to several years.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%.