The State Bank of India, one of the country’s biggest lenders, has hiked its fixed deposit rates for some maturity periods on deposits less than ₹2 crore from today. The revised rates will be applicable to the fresh deposits and renewals of maturing deposits, the bank mentioned on its official website.
“Revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) interest rates revised w.e.f. 13.12.2022. Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore ‘have been revised,” SBI stated.
With this, the fixed deposits maturing between seven days to 45 days are offering interest rates of three per cent, while the ones having maturity period between 46 days and 179 days will have an interest rates of 3.9 per cent. The fixed deposits of 180 days to less than 210 days will have an interest rate of 5.25 per cent.
The lender has increased interest rates on the deposits which mature in 211 days to ten years. Now, the fixed deposits which mature in 211 days to less than a year will have an interest rate of 5.75 per cent. The deposits maturing in one year to less than two years will offer 65 basis points extra to the general public, the SBI stated.
On the other hand, the deposits with maturity period between two years and less than three years will have an interest rate of 6.75 per cent, three years to less than five years and from five years till ten years will have an interest rate of 6.25 per cent.
The SBI also offers additional 50 basis points interest rate to its senior citizen customers across all tenures. With the latest revision, the senior citizens are being offered between 3.5 per cent to 7.25 per cent on the fixed deposits maturing in seven days to ten years.