SBI Raises Fixed Deposit Interest Rates

The country’s largest lender, State Bank of India, has increased the interest rate on fixed deposits (SBI). The new interest rates take effect today, June 14, 2022, and the bank has hiked interest rates on deposits of less than 2 crore maturing in 211 days to less than 3 years as a result of the change.

SBI FD Rates 2022

The bank will continue to give a 2.90 percent interest rate on deposits made between 7 and 45 days, and a 3.90 percent interest rate on deposits made between 46 and 179 days. Deposits maturing in 180 days to 210 days will continue to earn 4.40 percent interest, whereas deposits maturing in 211 days to less than one year will earn 4.60 percent interest, a 20 basis point increase. SBI will now give a 5.30 percent interest rate on deposits of one year to less than two years, up from 5.10 percent previously.

Deposits due in two to three years will now return 5.35 percent, up 15 basis points from the previous rate of 5.20 percent. The bank will maintain a 5.45 percent interest rate on deposits of three to five years, while the interest rate on deposits of five to ten years will remain at 5.50 percent. Senior citizens will continue to receive a 0.50 percent bonus on deposits of 7 days to 5 years, and after today’s revision, senior citizens will receive an interest rate of 5.10 percent on deposits of 211 days to less than 1 year, 5.80 percent on deposits of 1 year to less than 2 years, and 5.85 percent on deposits of 2 years to less than 3 years.

SBI offers a special fixed deposit for senior citizens called the “SBI Wecare” Deposit, which offers a 30 basis point (bps) premium on deposits maturing in 5 to 10 years. For this term, the bank offers a usual rate of 5.50 percent, but senior people will earn an additional 80 basis point rate of 6.30 percent. This unique deal for senior citizens is only valid till September 30th, 2022.