SBI FD interest rates hiked; senior citizens to get up to 7.25% return

SBI FD Interest Rate: State Bank of India has hiked FD (fixed deposit) interest rates for some select maturity periods. The revised rates on retail FDs of less than Rs 2 crores rates will be effective from today, December 13.

“Revision in Interest Rates On Retail Domestic term deposits (Below Rs 2 crore) interest rates revised w.e.f. 13.12.2022. Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore 'have been revised," SBI official website read.

Latest FD interest rates for the general public

7 days to 45 days - 3 per cent

46 days to 179 days - 4.5 per cent

180 days to 210 days - 5.25 per cent

211 days to less than 1 year - 5.50 to 5.75

1 year to less than 2 years - 6.10 to 6.75

2 years to less than 3 years - 6.25 to 6.75

3 years to less than 5 years - 6.10 to 6.25

5 years and up to 10 years - 6.10 to 6.25

Latest FD interest rates for Senior Citizens

Post the latest revision, senior citizens will get 3.5 per cent to 7.25 per cent on FDs maturing in 7 days to 10 years.

7 days to 45 days - 3.50 per cent

46 days to 179 days - 5 per cent

180 days to 210 days - 5.75 per cent

211 days to less than 1 year - 6.25 per cent

1 year to less than 2 years - 7.25 per cent

2 years to less than 3 years -7.25 per cent

3 years to less than 5 years - 6.75 per cent

5 years and up to 10 years -7.25 per cent @

@Including additional premium of 50 bps under “SBI Wecare’’ deposit scheme

SBI Wecare deposit scheme

According to the SBI Official Website," A special ‘SBI Wecare’ Deposit for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over & above the existing 50 bps i.e. 100 bps over card rate for public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for '5 Years and above' tenor only. ‘SBI Wecare’ deposit scheme stands extended up to 31st March 2023."

Across tenures, SBI has hiked bulk term deposit rates by 50-100 bps.

On Wednesday, December 7, the Reserve Bank of India increased the repo rate for the fifth consecutive time this year. RBI has hiked the repo rate by 35 basis points. Due to this the repo rate has increased from 5.90 per cent to 6.25 per cent.

Also read- RBI MPC Meeting: Central bank raises repo rate by 35 basis points to 6.25%; sees inflation to stay above 4% in next 12 months

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