SBI hikes interest rate on Fixed Deposits (FDs) under Rs 2 crore; Check new rates

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New Delhi: India’s largest lender, State Bank of India (SBI) has announced to raise interest rates on fixed deposits (FDs) below Rs 2 crore by up to 20 basis points. The new rates are effective from October 15, 2022, according to the SBI website. The bank has hiked interest rates for all tenures on fixed deposits. Customers can get interest rates between 3% to  5.85%. Besides, senior citizens will get additional interest over the normal interest rate.

SBI Interest rate on FDs below Rs 2 crore

The bank increased the interest rates on fixed-rate deposits (FDs) with maturities ranging between 7 days to 45 days to 3% for the general public and to 3.5 % for senior persons. Following the increase, FDs with a maturity term of 46 to 179 days will now earn 4 % for the general public and 4.50 % for senior persons. The interest rate on FDs with maturities between 180 and 210 days has hiked to 4.65 percent and 5.15 percent, respectively.

For the general public, the interest rate on deposits with a maturity of three years to less than five years has increased from 5.60% to 5.80%, and for senior citizens, it has grown from 6.10% to 6.30%. The bank raised the interest rate for loans with a maturity of five years or more to 5.85 percent from 5.65 percent for the general public and to 6.65 percent from 6.45 percent for senior citizens.