India's largest public sector lender State Bank of India has revised fixed deposit interest rates and senior citizens are going to be the biggest beneficiaries of the rate hike. SBI pensioners/retired staff are being offered an interest rate of up to 7.65 per cent while other senior citizens will get 6.65 per cent interest on their fixed deposits with the bank.


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The new fixed deposit rates have come into effect from October 15 and apply to deposits below Rs 2 crore. The new rates for the general public start at 3 per cent while that for senior citizens start at 3.5 per cent for the 7 days to 45-days tenor. For the deposit maturing between 46 days to 179 days, SBI is offering an interest of 4 per cent for the general public and 4.5 per cent for senior citizens.


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Deposits for a tenure of 180 days to 210 days will earn an interest of 4.65 per cent while senior citizens will be offering 5.15 per cent. An FD with a maturity of 211 days to less than one year will now earn an interest of 4.7 per cent while that for senior citizens stands at 5.2 per cent.


Now, deposits in 2-3 years tenure will earn an interest of 5.65 per cent while that for senior citizens stands at 6.15 per cent. The deposits maturing between three and five years are being offered an interest rate of 5.8 per cent while senior citizens will earn 6.3 per cent. The deposits in five to 10 years maturity tenure will earn 5.85 per cent and for senior citizens, 6.65 per cent. However, since the SBI offers an additional one per cent interest rate to its staff, a retired SBI pensioner will earn an interest of 7.65 per cent on a fixed deposit in a maturity bracket of 5-10 years tenure.



"The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens," said the SBI on its website.


SBI FD Interest Rates 2022 For Senior Citizens Calculator 


Suppose a senior citizen invests Rs 25 lakh in the SBI fixed deposit for five years, he/she would earn an interest of Rs 9,76,608 and the total maturity amount at the rate of 6.65 per cent would be Rs 34,76,608. However, if an SBI pensioner makes an investment of Rs 25 lakhs for five years, he would get an interest of Rs 11,51,650 at the rate of 7.65 per cent and the total maturity amount would be Rs 36,51,650.