SBI Raises Fixed Deposit Rates: A Comprehensive Guide to New Rates and Tenures

In a strategic move reflecting market dynamics, the State Bank of India (SBI) has updated its fixed deposit (FD) interest rates for deposits below ₹2 crore, starting on December 27, 2023. These changes offer a comprehensive array of options for investors seeking stable returns.

Overview of SBI’s New Fixed Deposit Rates:

1. Short-Term Benefits: SBI has increased rates for short-term investments. Deposits maturing in seven to forty-five days now yield an interest rate of 3.50%. The trend continues for 46 days to 179 days, guaranteeing an interest rate of 4.75%.
2. Mid-Term Opportunities: Mid-term investors can now benefit from enhanced rates. Deposits for tenures of 180 days to 210 days offer a 5.75% interest rate. Additionally, tenures from 211 days to less than one year provide a new rate of 6%.
3. Longer Tenures: SBI has introduced increments for three years to less than five years, offering a 6.75% interest rate, maintaining stability for longer-term investors.

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Senior Citizen Benefits: Senior citizens receive an extra 50 basis points on these deposits, enabling rates ranging from 4% to 7.5% on deposits maturing from seven days to ten years.

SBI’s Latest FD Rates (below ₹2 crore):

• 7 days to 45 days: 3.50%
• 46 days to 179 days: 4.75%
• 180 days to 210 days: 5.75%
• 211 days to less than 1 year: 6%
• 1 Year to less than 2 years: 6.80%
• 2 years to less than 3 years: 7.00%
• 3 years to less than 5 years: 6.75%
• 5 years and up to 10 years: 6.50%

State Bank of India (SBI) Revised Fixed Deposit Rates: New Interest Rates and Tenure Breakdown

SBI’s recent revision in FD rates presents investors with diverse options across various tenures. These revised rates align with current market trends, catering to different investor preferences.

Note: The rates mentioned are as of December 27, 2023, for deposits below ₹2 crore and are subject to change.

For more detailed information on SBI’s latest FD rates and senior citizen benefits, visit the SBI website or reach out to the nearest SBI branch.