The country’s largest bank State Bank of India (SBI) has increased the interest rate on fixed deposits. The new interest rates have come into effect from today, June 14, 2022, and as a result of the revision, the bank has increased interest rates on deposits of less than Rs. Maturing in 2 crore 211 days and less than 3 years.
SBI FD Rates 2022
The bank will continue to offer an interest rate of 2.90% on deposits from 7 days to 45 days and the interest rate on deposits from 46 days to 179 days has been kept unchanged at 3.90%. Deposits maturing in 180 days to 210 days will continue to earn an interest rate of 4.40%, but on deposits maturing in 211 days to less than 1 year, the bank has increased the interest rate from 4.40% to 4.60% by 20 bps. SBI will now offer an interest rate of 5.30% from 5.10% earlier, an increase of 20 bps on deposits of less than 2 years from 1 year.
Deposits maturing in two to three years will now yield 5.35 per cent return from 5.20 per cent earlier, which is an increase of 15 basis points. The bank will continue to offer an interest rate of 5.45 per cent on deposits of less than 3 to 5 years, while the interest rate on deposits of 5 to 10 years will remain constant at 5.50 per cent. Senior citizens will continue to get an additional rate of 0.50 percent over the regular rate for deposits of 7 days to 5 years and after today’s amendment, senior citizens will get an interest rate of 5.10 percent on deposits of less than 211 days. 5.80 per cent on deposits of 1 year, 1 year to less than 2 years and 5.85 per cent on deposits of less than 2 years to 3 years.
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SBI has a special fixed deposit scheme for senior citizens called “SBI WeCare” deposits, which offers an additional premium of 30 basis points (bps) on deposits maturing in 5 years and 10 years. The bank offers a regular rate of 5.50 per cent for this period, but older people will get an additional rate of 80 basis points at 6.30 per cent. This special offer for elderly people is available only till September 30, 2022.