SBI Fixed Deposit Interest Rates Hiked: The country’s largest public sector bank, State Bank of India or SBI has hiked its fixed deposit interest rates for certain tenors.
The new SBI FD rates have already come into effect from last week. The SBI fixed deposit interest rates are applicable on domestic term deposits of Rs 2 crore and above. This comes as a result of the Reserve Bank of India increasing its repo rates by 50 basis points.
The new SBI FD interest rates have come into effect from July 15, Friday. The bank has hiked its FD rates by 50 basis points on deposits maturing between one year to less than two years from 4.75 per cent to 5.25 per cent for general public. For senior citizens, SBI FD interest rate for the same tenor has been increased by 50 more basis point to 5.75 per cent. The rates of other tenors have been kept unchanged by the bank.
“The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NRO term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks,” said SBI on its website.
“Premature penalty for Bulk Term Deposits for all tenors will be 1 per cent. It will be applicable for all new deposits including renewals,” it further added.
Here are the SBI fixed deposit interest rates on deposits above Rs 2 crore from July 15, 2022:
7 days to 45 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
46 days to 179 days: For General Public – 4.00 per cent; For Senior Citizens – 4.50 per cent
180 days to 210 days: For General Public – 4.25 per cent; For Senior Citizens – 4.75 per cent
211 Days to less than 1 year: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
1 year to less than 2 years: For General Public – 5.25 per cent; For Senior Citizens – 5.75 per cent
2 years to less than 3 years: For General Public – 4.25 per cent; For Senior Citizens – 4.75 per cent
3 years to less than 5 year: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
5 years to up to 10 years: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent.
As the Reserve Bank of India continued to increase its repo rates during its June meeting of the Monetary Policy Committee, banks also followed suit and hiked their interest rates. This includes an increase in bank fixed deposit interest rates. SBI FD rates have increased in line with that of other banks including HDFC Bank, ICICI Bank, Punjab National Bank and others. During its August MPC meet, the RBI is further expected to raise its repo rates as retail inflation has remained over 7 per cent in June, much higher than the central bank’s upper tolerance limit of 6 per cent.