State Bank of India (SBI) has increased its FD interest rates for customers between 0.05-0.10% or roughly between 5 and 10 basis points. FD interest rates have also been increased for deposits lower than Rs. 1 crore. For general customers, the new interest rates on FDs are 5.75% for tenors between 7 and 45 days while they are 6.25% for tenors between 46 and 179 days. For tenors between 180 and 210 days, they stand at 6.35%. FD interest rates are also 6.4% and 6.8% for tenors between 211 days and less than 1 year and 1 year to less than 2 years respectively. They stand at 6.8% for tenors between 2 years and less than 3 years while they are now 6.8% for 3 years to less than 5 years as well.
However, general customers can earn 6.85% as interest on tenors between 5 years and up to 10 years. For senior citizens, the interest rates are 6.25% and 6.75% for tenors between 7-45 days and 46-179 days respectively. For tenors of 180-210 days and 211 days-less than 1 year, the interest rates are 6.85% and 6.9% respectively. The rates are 7.3% for tenors between 1 year-less than 2 years, 2 years-less than 3 years and 3 years-less than 5 years alike. 7.35% is the rate of interest for tenors between 5 years and up to 10 years.
The interest rates for SBI employees and pensioners is 1% more than the rates applicable as per the bank’s official statement. The rate applicable for SBI pensioners and senior citizens above 60 years of age will be 0.50% higher than the payable rate for general customers. SBI resident Indian senior citizens will get both staff and resident Indian senior citizen benefits, i.e. 1% and 0.50% respectively. Even private sector rivals like HDFC Bank and ICICI Bank have also revised their fixed deposit rates earlier this month.