Save More From FD: SBI Hikes Fixed Deposit Interest Rates, Check Full Details Here


SBI increased the interest rate for the tenure of 180 days to 210 days by 25 basis points, from 5.75% to 6% for general citizens.

SBI increased the interest rate for the tenure of 180 days to 210 days by 25 basis points, from 5.75% to 6% for general citizens.

SBI FD Interest Rates 2024: These revised FD rates come into effect starting May 15, 2024.

SBI FD Interest Rates 2024: The State Bank of India (SBI) has increased the interest rates on fixed deposits for specific durations, applicable to both retail deposits (up to Rs 2 crore) and bulk deposits (exceeding Rs 2 crore).

These revised FD rates come into effect starting May 15, 2024.

Also Read: Fixed Deposit or Recurring Deposit: Which Is Better? Here’s How To Decide

A fixed deposit (FD) is a financial instrument provided by banks and financial institutions where an individual deposits a certain amount of money for a fixed period at a predetermined interest rate.

The deposited amount cannot be withdrawn until the maturity date of the deposit, which can range from a few days to several years.

Fixed deposits typically offer higher interest rates compared to regular savings accounts, making them a popular choice for individuals looking to earn higher returns on their savings with minimal risk.

SBI FD Rates Revision (Below Rs. 2 crore) w.e.f. May 15, 2024

Source: SBI website

The bank has raised its fixed deposit interest rates by 75 basis points (bps) for deposits maturing between 46 days and 179 days, increasing it from 4.75% to 5.50%. Senior citizens will now enjoy a hike from 5.25% to 6% on deposits of the same tenure.

SBI increased the interest rate for the tenure of 180 days to 210 days by 25 basis points, from 5.75% to 6% for general citizens.

Furthermore, the bank has raised FD rates by 25 basis points for the tenure of 211 days to less than 1 year, increasing it from 6% to 6.25% for general citizens and from 6.50% to 6.75% for senior citizens.

SBI FD Rates Revision (Above Rs. 2 crore) w.e.f. May 15, 2024

For bulk term deposits of Rs 2 crore and above spanning 7 to 45 days, general customers will now receive a 5% interest rate, up from the previous 5%.

Senior citizens will enjoy a 5.75% rate on these FDs, compared to the earlier 5.5%.

Customers opting for tenures of 46 to 179 days will now earn a 6.25% interest rate, an increase from the previous 5.75% for general customers. Senior citizens will be offered a 6.75% interest rate, up from the previous 6.25% for these tenures.

General customers will receive a 6.6% rate on FDs with tenures of 180 to 210 days, an increase from the previous 6.5%. Senior citizens will now be offered a 7.1% rate, compared to the earlier 7%.

Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.



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