SBI hikes lending rates by 0.50%, introduces new tenor of 1000 days for fixed deposits; check new rates

State Bank of India, the country's leading lender, has increased external benchmark-based lending rate (EBLR) and repo linked lending rate (RLLR), as per the SBI's website. The new rates will come into effect from today, August 15, 2022.  

As per the bank's website, EBLR has been revised from existing 7.55% to 8.05% and RLLR was revised from 7.15% to 7.65% effective today, showed the latest rate on the website.  

Earlier, the country's largest lender had hiked interest rates on fixed deposits (FDs) of less than Rs 2 Cr. As per the bank's website, the revised rates came into effect on August 13 2022.  

The bank increased interest rates on fixed deposits with maturities ranging from 7 days to 10 years with interest rates of 2.90% to 5.65% for regular customers and 3.40% to 6.45% for senior citizens. 

The State Bank also introduced a specific tenor of "1000 days" at rate of interest (ROI) of 6.10 % with effect from 15th August 2022 for 75 days. 

The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. 

The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%). 

Source: SBI

"The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks," it added.  

SBI helpline numbers 

For any query regarding these rates and changes, the bank customers can reach out on SBI's 24X7 helpline through Toll free 1800 1234, 1800 11 2211, 1800 425 3800 or Toll number 080-26599990.  

"These are accessible from all landlines and mobile phones in the country," said the bank/