SBI Fixed Deposit interest rates: Check revised rates for different tenors

The State Bank of India, the largest lender in the country, has once again hiked the interest rates on fixed deposits on amounts under Rs 2 crore. The interest rates were revised after the Reserve Bank of India (RBI) hiked the repo rates to 5.4 per cent in August. The rates are already effective from August 13, 2022. Most lenders in the country have tweaked their fixed-term deposit rates. The SBI is currently offering fixed deposits for tenors ranging from 7 days to 10 years. The rates are mostly different for general investors and senior citizens. It is between 2.90 per cent and 5.65 per cent for general public. For senior citizens, it is between 3.40 per cent and 6.45 per cent. 
The bank on average has hiked the FD rates by 15 basis points on deposits from 4.40 per cent to 4.55 per cent between 180 days and 210 days for the general public. For deposits from one year to less than two years, the new rate has been fixed at 5.45 per cent after a 15-basis point hike. It has also introduced a specific tenor of 1,000 days, and the interest rate for the period has been fixed to 6.10 per cent. It is applicable for 75 days, with effect from August 15, 2022.

Also read: New Fixed Deposit rates: SBI vs Bank of Baroda vs ICICI Bank

A closer look at all the rates for the general public and senior citizens.

Rates under 1 year

FD rates for 1 to 10 years

Also read: FDs, small savings interest rates to go up as RBI hikes repo rate again

Why opt for FDs? 

A SEBI survey in 2019 highlighted that despite high-return investment options available in the market, 95 per cent of Indian families prefer to multiply their savings through fixed deposits. The biggest draw is the guaranteed returns. According to experts and market gurus, the FDs can be a smart way to build a healthy corpus as it is a low-risk investment avenue, and is safe and consistent despite market fluctuations. The FDs work well to balance the risk in one’s portfolio as stock markets are very volatile and may not give the desired return due to frequent ups and downs.