New Delhi: India’s largest public sector lender State Bank of India (SBI) today hiked fixed deposit (FD) interest rates with effect from December 13, which will bring a smile on the faces of lakhs of SBI FD customers.
SBI’s website has announced “Revision of Interest Rates on Retail Domestic Fixed Deposits (Below Rs.2 Crore) with effect from 13.12.2022”. (Also read: Will the government remove Mahatma Gandhi’s portrait from Indian currency notes?)
Accordingly, the interest rates have been revised for Retail Domestic Fixed Deposits ‘less than two crore rupees’. The revised interest rates are as follows:
| tenure | Existing rates for public w.e.f. 22.10.2022 | Revised rates for public effective from 13.12.2022 | Existing rates for senior citizens w.e.f. 22.10.2022 | Revised Rates for Senior Citizens w.e.f. 13.1.2019 |
| 7 days to 45 days | 3.00 | 3.00 | 3.50 | 3.50 |
| 46 days to 179 days | 4.50 | 4.50 | 5.00 | 5.00 |
| 180 days to 210 days | 5.25 | 5.25 | 5.75 | 5.75 |
| 211 days to less than 1 year | 5.50 | 5.75 | 6.00 | 6.25 |
| 1 year to less than 2 years | 6.10 | 6.75 | 6.60 | 7.25 |
| 2 years to less than 3 years | 6.25 | 6.75 | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.10 | 6.25 | 6.60 | 6.75 |
| 5 years and up to 10 years | 6.10 | 6.25 | 6.90 | 7.25 @ |
The rate of interest payable to SBI Staff and SBI Pensioners will be 1.00% higher than the applicable rate shown in the above table.
Interest rates are applicable for fresh deposits and renewal of matured deposits. Interest rates on ‘SBI Tax Savers Scheme 2006 (SBITSS)’ Retail Deposits and NRO Deposits will be at par with domestic retail term deposit rates. However, NRO deposits of staff are not eligible for the additional 1% interest otherwise applicable to staff domestic retail deposits. The bank said that these interest rates are also applicable on domestic fixed deposits from co-operative banks.