The country's largest lender State Bank of India (SBI) on Friday has increased interest rates of its fixed deposits (FDs) by up to 80 basis points.
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The new interest rates will be applicable for fixed deposits of less than Rs 2 crore. As per the bank's press release on October 21, the increased interest rates on the FDs are effective from October 22, 2022.
The state lender has kept the interest rates for the deposits maturing between 7 days to 45 days
to 3 percent. However, for FDs maturing between 46 days to 179 days, the interest has been raised to 4.50 percent from 4 percent.
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The interest rate on retail domestic term deposits ranging between 180 days to 210 days has jumped to 5.25 percent from 4.65 percent. The bank has hiked the interest rate on deposits maturing between 211 days to less than one year to 5.50 percent from 4.70 percent.
The interest rate on retail domestic term deposits maturing between one year to less than two years has surged to 6.10 percent from 5.60 percent. For FDs maturing between two years to less than three years, the interest rate has been raised to 6.25 percent from 5.65 percent.
On deposits maturing between three years to less than five years, the interest rate has been increased to 6.10 percent from 5.80 percent. For FDs maturing between five years to up to 10 years, the interest rate has jumped to 6.10 percent from 5.85 percent.
Time Bucket | Existing Interest Rate for Public w.e.f. 15-Oct-2022 | Revised Interest Rate for Public w.e.f. 22-Oct-2022 | Existing Interest Rate for Senior Citizen w.e.f. 15-Oct-2022 | Revised Interest Rate for Senior Citizen w.e.f. 22-Oct-2022 |
7 days to 45 days | 3.00 | 3.00 | 3.50 | 3.50 |
46 days to 179 days | 4.00 | 4.50 | 4.50 | 5.00 |
180 days to 210 days | 4.65 | 5.25 | 5.15 | 5.75 |
211 days to less than 1 year | 4.70 | 5.50 | 5.20 | 6.00 |
1 Year to less than 2 year | 5.60 | 6.10 | 6.10 | 6.60 |
2 years to less than 3 years | 5.65 | 6.25 | 6.15 | 6.75 |
3 years to less than 5 years | 5.80 | 6.10 | 6.30 | 6.60 |
5 years and up to 10 years | 5.85 | 6.10 | 6.65 | 6.90 |
Senior Citizens
The bank has also increased the interest rates for senior citizens' fixed deposits for amounts below Rs 2 crore. For senior citizens, the interest rate for the deposits maturing between 7 days to 45 days is 3.50 percent.
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For FDs maturing between 46 days to 179 days, the interest rate has been increased to 5 percent from 4.50 percent. The interest rate on retail domestic term deposits for senior citizens ranging between 180 days to 210 days has jumped to 5.75 percent from 5.15 percent.
The bank has hiked the interest rate on deposits maturing between 211 days to less than one year to 6 percent from 5.20 percent. The interest rate on retail domestic term deposits maturing between one year to less than two years has surged to 6.60 percent from 6.10 percent.
For FDs maturing between two years to less than three years, the interest rate has been raised to 6.75 percent from 6.15 percent. On deposits maturing between three years to less than five years, the interest rate has been increased to 6.60 from 6.30 percent.
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For FDs maturing between five years to up to 10 years, the interest rate has jumped to 6.90 percent from 6.65 percent.
(Edited by : Shoma Bhattacharjee)