SBI hikes fixed deposit rates: Check latest FD rates for public, senior citizens effective from today

State Bank of India (SBI) has increased its fixed deposit (FD) rates across most tenors. The new rates are effective from today, December 27, and are applicable to term deposits below Rs 2 crore.

Except for 1 year to less than 2 years tenor, which has been retained at 6.80 per cent, 2 years to less than 3 years tenor, which has been retained at 7 per cent, and 5-10 years which has been retained at 6.50 per cent, other tenors have all witnessed the hike.

For the tenor of 7-45 days, SBI has hiked the FD rate from 3 per cent to 3.50 per cent, while 46-179 days FD rate has been hiked from 4.50 per cent to 4.75 per cent. When it comes to 180-210 days tenor, the rate has been increased from 5.25 per cent to 5.75 per cent, and 211 days to less than a year tenor FD rate has been hiked from 5.75 per cent to 6 per cent.

In the 3 to less than 5 years tenor, FD rate has been increased from 6.50 per cent to 6.75 per cent.

Rates for senior citizens have also been revised, except for the 1 year to less than 2 years, 2 years to less than 3 years and 5-10 years tenors which have been retained at 7.30 per cent, 7.50 per cent and 7.50 per cent respectively.

For senior citizens, FD rates for 7-45 days tenor has been increased from 3.50 per cent to 4 per cent, while rate for 46-179 days tenor has been increased from 5 per cent to 5.25 per cent. When it comes to 180-210 days tenor, the FD rate has been increased from 5.75 per cent to 6.25 per cent, and 211 days to less than a year tenor FD rate has been hiked from 6.25 per cent to 6.50 per cent. Fixed deposit rate for the 3 to less than 5 years tenor has been increased from 7 per cent to 7.25 per cent.

The change in SBI’s interest rates on term deposits came after Kotak Mahindra Bank, Bank of India, DCB Bank, Federal Bank revised their rates on term deposits.

The rate hikes have come even after the Reserve Bank of India (RBI) maintained the key repo rate at 6.50 per cent for the fifth consecutive time after increasing it by 250 bps cumulatively from May 2022 to December 2022. The RBI MPC also left the policy stance unchanged with focus on withdrawal of accommodation.

Also read: RBI MPC: Governor Shaktikanta Das keeps repo rate unchanged at 6.5% for fifth consecutive time