Diwali Bonus: SBI hikes FD rates by up to 80 bps. Check out the new rates here

SBI FD new rates for general category:

State Bank Of India The interest rate on tenure of 211 days from the highest 80 basis points to less than 1 year — has been increased to 5.50% from the current 4.70% w.e.f. 22nd October.

In addition, the bank raised interest rates by 60 basis points to 5.25 per cent. FD Matures from 180 days to 210 days as compared to 4.65% currently offered. A similar hike has been made to 6.25% from the current 5.65% for tenures ranging from 2 years to less than 3 years.

The rate has been increased by 50 basis points to 4.50% on tenure from 46 days to 179 days, while on tenure of 1 year to less than 2 years – a similar increase has been made to 6.10% from the existing 5.60. ,

On longer tenure, SBI increased the tenure by 30 basis points from 6.10% at 3 years to 5.8% at less than 5 years, and by 25 basis points to 6.10% at 5 years and 5.85% on tenures up to 10 years.

The rate remains unchanged at 3% on tenures from 7 days to 45 days.

New SBI FD Rates for Senior Citizens:

The maximum, a senior citizen would be earning a tenure of 5 years and up to 10 years at the rate of 6.90%—over 25 basis points from the current 6.65%. However, the highest increase is made in 211 days to 6% for periods less than 1 year from 80 basis points currently offered at 5.20 percent.

Senior citizens are offered a rate of 6.60% on tenures ranging from 3 years to less than 5 years – by more than 30 basis points at the rate of 6.30%.

Whereas on FDs for tenures ranging from 2 years to less than 3 years, an increase of 50 basis points is provided from the current 6.15% to 6.75%; From the current 6.10% to 6.60% on tenure of 1 year to less than 2 years, and from 4.5% to 5% on tenure of 46 days to 179 days.

The rate remains unchanged at 3.50% on tenures from 7 days to 45 days.

SBI is already offering a specific period of ‘1000 days’ from August 15 to 75 days at an ROI of 6.10%.

In addition, SBI has a special deposit scheme for senior citizens called ‘SBI WeCare’ wherein an additional premium of 30 bps will be paid on their retail TDs for a period of ‘5 years and above’. The deposit scheme has been extended till March 31, 2023.

Meanwhile, SBI employees and pensioners are liable to get 1% more than the applicable rate. It said, the rate applicable to all senior citizens of the age of 60 years and above and SBI pensioners shall be 0.50% higher than the rate payable to all tenants for resident Indian senior citizens i.e. SBI resident Indian senior citizen pensioners on both the staff. (1%) and resident Indian senior citizens (0.50%).