Latest SBI FD interest rates: State Bank of India hikes fixed deposit rates by up to 75 bps The bank has raised the fixed deposit interest rates by 75 basis points (bps) for certain durations
The State Bank of India (SBI) has raised its fixed deposit interest rates for certain time periods on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore). The new FD rates are effective from May 15, 2024, as stated on the SBI website.Let us take a look at the latest SBI fixed deposit interest rates.
How much return will you get on SBI FDs below Rs 2 crore?
The bank has hiked its fixed deposit interest rates by 75 basis points (bps) on deposits maturing between 46 days and 179 days from 4.75% to 5.50%. For senior citizens, the bank has hiked from 5.25% to 6% on the same tenure.SBI raised the interest rate on the tenure of 180 days to 210 days by 25 bps from 5.75 % to 6% for general citizens.
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The bank has hiked FD rates by 25 bps on tenure of 211 days to less than 1 year from 6% to 6.25% for general citizens and 6.75% for senior citizens from 6.50%.
Latest SBI FD interest rates 2024
General PublicSenior Citizen TenorsExisting Rates for Public w.e.f. 27/12/2023Revised Rates for Public w.e.f. 15/05/2024Existing Rates for Senior 27/12/2023Revised Rates for Senior Citizen w.e.f. 15/05/20247 days to 45 days3.53.54446 days to 179 days4.755.55.256180 days to 210 days5.7565.256.5211 days to less than 1 year66.256.56.751 Year to less than 2 years6.86.87.37.32 years to less than 3 years777.57.53 years to less than 5 years6.756.757.257.255 years and up to 10 years6.56.57.50*7.50*Source: SBI websiteLatest SBI bulk deposit interest rates
The bank has increased interest rates by 25 basis points on bulk deposits for tenures ranging from 7 to 45 days, raising the rate from 5% to 5.25% for general citizens. For senior citizens, the bank has increased from 5.50% to 5.75% on the same tenure.For general citizens with tenures between 46 days and 179 days, the bank has increased rates by 50 bps from 5.75% to 6.25%. The bank has increased from 6.25% to 6.75% for senior citizens on the same tenure.
The bank has hiked 10 bps on tenure 180 days to 210 days for general citizens from 6.50% to 6.60% and from 7% to 7.10% for senior citizens.
The bank has hiked the fixed deposit interest rate by 20 bps on tenures between 1 Year and less than 2 years from 6.80% to 7%.
For tenure between 2 years to less than 3 years, the bank has hiked from 6.75% to 7% for general citizens and for senior citizens, the bank has increased from 7.25% to 7.50%.
General citizenSenior Citizen TenorsExisting Rates for Public w.e.f. 27/12/2023Revised Rates for Public w.e.f. 15/05/2024Existing Rates for Senior Citizen w.e.f. 27/12/2023Revised Rates for Senior Citizen w.e.f. 15/05/20247 days to 45 days55.255.55.7546 days to 179 days5.756.256.256.75180 days to 210 days6.56.677.1211 days to less than 1 year6.756.757.257.251 Year to less than 2 years6.877.37.52 years to less than 3 years6.7577.257.53 years to less than 5 years6.256.256.756.755 years and up to 10 years666.56.5
Source: SBI website
This story originally appeared on: India Times - Author:Faqs of Insurances
