India’s largest lender State Bank of India has increased the Fixed Deposit rates up to 80 basis points ahead of Diwali 2022. These rates are applicable on Fixed Deposits below Rs 2 crore and shall come into effect from Saturday, October 22, 2022. Among all, senior citizens are the biggest beneficiaries.

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“State Bank of India (SBI), the country’s largest lender has revised the Retail Term deposits (deposit below Rs 2 crore) interest rates upward up to 80 bps, effective from 22 October’2022,” an official statement of the state-owned bank said on Friday.

The interest rates for the retail term deposits maturing between 46 days to 179 days have been increased to 4.5 per cent from 4 per cent. Similarly, FDs maturing between 180 days to 210 days, will attract an interest of 5.25 per cent as compared to 4.65 per cent earlier.

While the interest rate on deposits maturing between 211 days to less than one year has been hiked to 5.50 per cent from 4.70 per cent, which is so far the highest of all tenures - up 80 bps.

Retail domestic term deposits maturing between one year to less than two years shall fetch interest of 6.10 per cent from 5.60 per cent earlier and for FDs maturing between two years to less than three years, the interest rate has been raised to 6.25 per cent from 5.65 per cent previously.

The interest rate has been increased to 6.10 from 5.80 per cent earlier on deposits maturing between three years to less than five years., the interest rate increased to 6.10 per cent from 5.85 per cent previously for FDs maturing between five years to up to 10 years.

With respect to senior citizens, the bank has taken major hikes in FD rates in almost all categories, except 7 days to 45 days tenures, which is kept unchanged at 3.5 per cent.

The public sector bank is already offering a specific tenure of '1000 days' at a rate of interest of 6.1 per cent with effect from August 15 for 75 days.

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It has the largest network of 22,294 branches and 65,561 ATMs / ADWMs in India with 67,735 BC outlets.