State Bank of India (SBI) has raised interest rates on select fixed deposits (FDs) by up to 25 basis points(bps). The hike in FD interest rates starts from 5 basis points to 25 basis points, according to the SBI website. The increased FD interest rates will be effective February 15. The higher interest rates would be applicable to fixed deposits of up to Rs 2 crore. Last time, the bank had hiked interest rates on December 13, 2022, across select tenors by up to 65 bps.
The bank has introduced a new tenor of 400 days with an interest rate of 7.10 per cent, effective from February 15. The said scheme will be valid till 31-Mar-2023.
Returns on SBI FDs below Rs 2 crore
The lender has raised the interest rate on deposits for tenure between 1 year to less than 2 year to 6.80 per cent from 6.75 per cent. It is 5 basis points hike for deposit holders. SBI raised the interest rate on tenure of 2 years to less than 3 years to 7 percent from 6.75 percent which is 25 basis points increase.
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While the interest rate on FDs maturing in 3 years to less than 10 years has been raised from 6.25 percent to 6.50 percent.
SBI senior citizen FD rates
Senior citizens can also lock in money for higher rates now. The bank has raised the interest rate on deposits maturing between 1 year to less than 2 year to 7.25 percent from 7.30 percent.
The interest rate on tenure of 2 years to less than 3 years has been hiked to 7.50 percent from 7.25 percent. The interest rate on FDs maturing in 3 years to less than 5 years has been hiked from 6.75 percent to 7 percent and for tenure of 5 years and up to 10 years, the interest rate is hiked to 7.50 per cent from 7.25 per cent.
SBI Wecare’ Deposit for Senior Citizens
According to the SBI website, “A special ‘SBI Wecare’ Deposit for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over & above the existing 50 bps i.e. 100 bps over card rate for public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for ‘5 Years and above’ tenor only. ‘SBI Wecare’ deposit scheme stands extended up to 31st March 2023.”