SBI FD Interest Rates: The State Bank of India has recently announced a hike on its interest rates on fixed deposits above Rs 2 crore. This came into effect from earlier this week. SBI, India’s largest public sector bank, has also increased its base rate by 0.10 per cent, or by 10 basis points, the bank said in a notification on its website. The new interest rate has been fixed at 7.55 per cent with the latest hike. This also came into effect on the same day this week. Earlier this year, SBI had lowered the base rate by 0.5 per cent, following which interest rates came down at 7.45 per cent for the bank’s account holders.
All banks uniformly use the minimum rate of interest fixed by the Reserve Bank of India for deposits. No bank, including the State Bank of India, is allowed to set a lower rate of interest for its customers than the base rate fixed by the central bank.
On fixed deposits, the State Bank of India in its website also added that the new rates will be applicable to fresh deposits as well as on maturing deposits that are to be renewed. NRO term deposit interest rates will be matched with domestic term deposit interest rates. The bank in its website further said that these interest rates will be also applicable in case of domestic term deposits held by cooperative banks.
Here are the new fixed deposit rates fixed by the SBI on deposits above Rs 2 crore. These rates have come into effect from December 15, 2021:
7 days to 45 days – For Public: 3 per cent; For Senior Citizens: per cent 3.50
46 days to 179 days – For Public: 3 per cent; For Senior Citizens: 3.50 per cent
180 days to 210 days – For Public: 3.10 per cent; For Senior Citizens: 3.60 per cent
211 days to less than 1 year – For Public: 3.10 per cent; For Senior Citizens: 3.60 per cent
1 year to less than 2 years – For Public: 3.10 per cent; For Senior Citizens: 3.60 per cent
2 years to less than 3 years – For Public: 3.10 per cent ; For Senior Citizens: 3.60 per cent
3 years to less than 5 years – For Public: 3.10 per cent; For Senior Citizens: 3.60 per cent
5 years and up to 10 years – For Public: 3.10 per cent; For Senior Citizens: 3.60 per cent
Here are the fixed deposit rates set by the SBI on deposits below Rs 2 crore. These rates have come into effect from January 8, 2021:
7 days to 45 days – For Public: 2.90 per cent; For Senior Citizens: 3.40 per cent
46 days to 179 days – For Public: 3.90 per cent; For Senior Citizens: 4.40 per cent
180 days to 210 days – For Public: 4.40 per cent; For Senior Citizens: 4.90 per cent
211 days to less than 1 year – For Public: 4.40 per cent; For Senior Citizens: 4.90 per cent
1 year to less than 2 years – For Public: 5 per cent; For Senior Citizens: 5.50 per cent
2 years to less than 3 years – For Public: 5.10 per cent; For Senior Citizens: 5.60 per cent
3 years to less than 5 years – For Public: 5.30 per cent; For Senior Citizens: 5.80 per cent
5 years and up to 10 years – For Public: 5.40 per cent; For Senior Citizens: 6.20 per cent
The State Bank of India’s revised rates came into effect a week after the Reserve Bank of India held its bi-monthly Monetary Policy Committee (MPC) meeting brief on December 8. In that press brief, the central bank’s governor Shaktikanta Das had announced that they had decided to keep the repo rate unchanged for the time being. This is the ninth consecutive time the RBI has kept the repo rate unchanged at 4 per cent, its lowest in the last 20 years.
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