State Bank of India or SBI offers a range of maturities for fixed deposit (FD) accounts. Fixed deposits, also known as term deposits (TDs), are fixed income instruments that yield fixed returns over a pre-defined period of lock-in. For retail domestic fixed deposits up to Rs 2 crore, SBI pays interest rates to the tune of 4.50-6.40 per cent to the general public over a maturity period of seven days to 10 years, according to the bank's website - sbi.co.in. The lender last revised its FD interest rates with effect from October 10, 2019.
Here's all you need to know about SBI's interest rates on fixed deposits (FDs):
SBI interest rate - retail domestic fixed deposits up to Rs 2 crore
SBI pays the following interest rates on fixed deposits up to Rs 2 crore with effect from October 10, 2019, according to the bank's website:
| Tenors | Interest rates for general public | Interest rates for senior citizens |
|---|---|---|
| 7 days to 45 days | 4.50% | 5.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 5.80% | 6.30% |
| 211 days to less than 1 year | 5.80% | 6.30% |
| 1 year to less than 2 years | 6.40% | 6.90% |
| 2 years to less than 3 years | 6.25% | 6.75% |
| 3 years to less than 5 years | 6.25% | 6.75% |
| 5 years and up to 10 years | 6.25% | 6.75% |
SBI interest rate - bulk domestic fixed deposits above Rs 2 crore
SBI pays the following interest rates on domestic fixed deposits above Rs 2 crore with effect from October 10, 2019, according to the bank's website:
| Tenors | Interest rates for general public | Interest rates for senior citizens |
|---|---|---|
| 7 days to 45 days | 4.3% | 4.8% |
| 46 days to 179 days | 5.3% | 5.8% |
| 180 days to 210 days | 5.7% | 6.2% |
| 211 days to less than 1 year | 5.7% | 6.2% |
| 1 year to less than 2 years | 6% | 6.5% |
| 2 years to less than 3 years | 6% | 6.5% |
| 3 years to less than 5 years | 5.75 | 6.25% |
| 5 years and upto 10 years | 5.75 | 6.25% |
SBI offers better returns to senior citizen customers compared to the general public. On fixed deposits up to Rs 2 crore, SBI pays interest rates in the range of 5-6.90 per cent to the senior citizens, 50 basis higher compared to the general public across maturities, according to its website.
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