SBI Raises Fixed Deposit Interest Rates For Certain Tenors | Details Here

SBI fixed deposit interest rates are applicable on domestic term deposits of Rs 2 crore and above. This comes as a result of the Reserve Bank of India increasing its repo rates by 50 basis points

The new FD interest rates in SBI came into effect from July 15.

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State Bank of India (SBI), the country’s largest public sector lender, has raised its fixed deposit (FD) interest rates for certain tenors, according to news reports.

The new FD interest rates in SBI came into effect from July 15 (Friday).

According to reports, SBI fixed deposit interest rates are applicable on domestic term deposits of Rs 2 crore and above. This comes as a result of the Reserve Bank of India (RBI) increasing its repo rates by 50 basis points.

The public sector lender has hiked its FD rates by 50 basis points on deposits maturing from one year to less than two years from 4.75 per cent to 5.25 per cent for general public. However, the FD interest rate for the same tenor has been increased by 50 more basis point to 5.75 per cent for senior citizens. The rates of other tenors have been kept unchanged by the bank.

In a statement on its website, SBI said, “The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NRO term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks. Premature penalty for Bulk Term Deposits for all tenors will be 1 per cent. It will be applicable for all new deposits including renewals.”

As the central bank raised its hike repo rates to tame rising inflation in the of the Monetary Policy Committee (MPC) meeting in June, banks also followed suit and hiked their interest rates.

Several banks revised their rates as the RBI increased repo rates. SBI FD rates have increased in line with that of other banks, including HDFC Bank, ICICI Bank, Punjab National Bank, and others.

The RBI is likely to raise its repo rates in its August MPC meet as retail inflation has remained over 7 per cent in June, higher than the central bank’s upper tolerance band of 6 per cent.

FD Interest Rates On Deposits Above Rs 2 Crore:

• 7 days to 45 days: For General Public - 3.50 per cent; For Senior Citizens - 4.00 per cent
• 46 days to 179 days: For General Public - 4.00 per cent; For Senior Citizens - 4.50 per cent
• 180 days to 210 days: For General Public - 4.25 per cent; For Senior Citizens - 4.75 per cent
• 211 Days to less than 1 year: For General Public - 4.50 per cent; For Senior Citizens - 5.00 per cent
• 1 year to less than 2 years: For General Public - 5.25 per cent; For Senior Citizens - 5.75 per cent
• 2 years to less than 3 years: For General Public - 4.25 per cent; For Senior Citizens - 4.75 per cent
• 3 years to less than 5 year: For General Public - 4.50 per cent; For Senior Citizens - 5.00 per cent
• 5 years to up to 10 years: For General Public - 4.50 per cent; For Senior Citizens - 5.00 per cent