SBI fixed deposit (FD) rate for senior citizens hiked to 7.25%

After the revision in FD rates from December 13, the interest rate for senior citizens has gone up from 6.60% to 7.25% on FDs of 1 year to less than 2 years, 6.75% to 7.25 on deposits of 2 years to less than 3 years % years. 6.90% to 7.25@% on FDs of 5 years and above.

SBI pensioners also enjoy an additional 0.5% interest offered to other senior citizens for FDs over various tenures.

“The rate applicable to all senior citizens and SBI pensioners of the age of 60 years and above shall be 0.50% higher than the rate applicable to all tenancies payable to resident Indian senior citizens i.e. SBI resident Indian senior citizen pensioners will get both the staff benefits ( 1%) ) and resident Indian senior citizens (0.50%),” says SBI on its website.

SBI has increased both retail deposit and bulk FD interest rates with effect from December 13. Under Bulk FD which is for deposit 2 crore and above, SBI has hiked rates by 50 bps to 100 bps throughout the tenure.

The bank last increased interest rates on retail fixed deposits by up to 80 basis points with effect from October 22, 2022, across all tenors.

SBI latest FD interest rates for senior citizens effective from 13 December 2022

State Bank Of India Provides an additional interest rate of 50 bps to senior citizens across all tenors. After the latest revision, senior citizens will get 3.5% to 7.25% on FDs maturing in 7 days to 10 years.

7 days to 45 days – 3.50%

46 days to 179 days – 5%

180 days to 210 days – 5.75%

211 days to less than 1 year – 6.25%

1 year to less than 2 years – 7.25%

2 years to less than 3 years -7.25%

3 years to less than 5 years – 6.75%

5 years and up to 10 years -7.25%@

SBI VCare Deposit Scheme

According to the SBI website, “A special ‘SBI WeCare’ deposit for senior citizens in the Retail TD segment, with an additional premium of 50 bps over and above the existing 50 bps i.e. 100 bps additional premium to be paid to senior citizens over the card rate for the public.” will be done. Only on their Retail TDs for a period of ‘5 years and above’. ‘SBI WeCare’ deposit scheme has been extended till March 31, 2023.”