The State Bank of India (SBI) has hiked interest rates by up to 25 basis points (bps) on fixed deposits (FDs) of less than 2 crore, HT’s sister publication Mint has reported. The hike in interest rates comes days after the Reserve Bank of India (RBI) raised the policy repo rate by 25 bps to 6.5%.

SBI’s new interest rates came into effect on Wednesday. These are for both general customers and senior citizens.

General FD rates

For deposits with tenure of less than a year, the country’s largest public sector lender has not made any change. This, therefore, means it continues to offer 3% on 7-45 days, 4.5% on 46-179 days, 5.25% on 180-210 days, and 5.75% on 211 days to less than 1 year.

On the other hand, on FD’s for 2 years to less than 3 years, the interest rate has been increased from 6.75% to 7%. For tenures from 3 to 10 years, it now stands at 6.5% for each, up from the earlier 6.25%.

FDs with a tenure of 1 year to less than 2 years received the lowest hike, of 5 bps, from 6.75% to 6.8%.

FD rates for senior citizens

Tenure New rate Previous rate
1 year to less than 2 years (5 bps) 7.3% 7.25%
2 years to less than 3 years 7,5% 7.25%
3 years to less than 5 years 7% 6.75%
5 years to up to 10 years 7.5% 7.25%

Also, as in the case of general customers, for senior citizens, too, there is no change in interest rates on fixed deposits maturing in less than 1 year. An elderly will continue to earn 3.5% on 7-45 days, 5% on 46-179 days, 5.75% on 180-210 days, and 6.25% on 211 days to less than 1 year.

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