SBI FD Rate Hike: Interest Rates Up By 75 Basis Points; Check Latest Fixed Deposit Rates Here

The State Bank of India (SBI), the country's largest lender, has announced a hike in its fixed deposit (FD) interest rates for certain tenures on retail deposits up to Rs 2 crore. According to the official SBI website, the new rates came into effect from May 15, 2024. This revision marks the first increase since the last adjustment on December 27, 2023.

The revised interest rates apply to various deposit durations, with the most significant increases observed in short-term deposits. Specifically, interest rates for deposits ranging from 46 days to 179 days have been raised by 75 basis points (bps) to 5.50%. For terms of 180 days to 210 days, the rate is now 6.00%, a 25 bps increase. Deposits held for 211 days to less than one year will earn an interest rate of 6.25%, up by 25 bps.

Here is a detailed breakdown of the updated FD rates for the general public

• 7 days to 45 days: 3.50%

• 46 days to 179 days: 5.50%

• 180 days to 210 days: 6.00%

• 211 days to less than one year: 6.25%

• 1 year to less than two years: 6.80%

• 2 years to less than three years: 7.00%

• 3 years to less than five years: 6.75%

• 5 years and up to 10 years: 6.50%

Here is a detailed breakdown of the updated FD rates for senior citizen

• 7 days to 45 days: 4.00%

• 46 days to 179 days: 6.00%

• 180 days to 210 days: 6.50%

• 211 days to less than one year: 6.75%

• 1 year to less than two years: 7.30%

• 2 years to less than three years: 7.50%

• 3 years to less than five years: 7.25%

• 5 years and up to 10 years: 7.50%*

*Including additional premium of 50 bps under ”SBI We-care” deposit scheme.

In addition to these revisions, SBI continues to offer the "400 days" (Amrit Kalash) scheme at an interest rate of 7.10%, which is available until September 30, 2024. Senior citizens can benefit from a rate of 7.60% under this scheme.

Furthermore, the SBI Green Rupee Term Deposit remains available for specific tenors of 1111, 1777, and 2222 days, offering rates 10 bps below the card rate for retail deposits.

On May 9, 2024 - India's largest lender State Bank of India reported a net profit rise of 24% in the quarter ended March 31, 2024, as other income increased and a drawdown in provisions. SBI saw its net profit grow to Rs 20,968 crore during the fourth quarter, as compared with Rs 16,695 crore. Sequentially, the bottom line jumped 125%. Net interest income, or core income, rose 3% year-on-year to Rs 41,655 crore in the January-March quarter. The bank reported a 24.4% year-on-year rise in other income in Q4 to Rs 17,369 crore.