SBI FD interest rates 2023: India's largest bank hikes fixed deposit interest rate

SBI FD Interest Rate 2023: After the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points to 6.50 per cent last week, several public and private sector banks have hiked the fixed deposit (FD) interest rate. On Wednesday, State Bank of India (SBI), the country's largest lender, announced to hike the FD interest rate ranging from 5 bps to 25 bps on different tenors. 

The hiked rate is applicable on fixed deposits below Rs 2 crore. Besides, the bank also introduced a specific tenure scheme of 400 days where it is offering a 7.10 per cent return. Senior citizens will earn an additional premium on the normal rates.

SBI FD rate hike: For TD of below Rs 2 crore 

SBI has increased the interest rate on certain tenor for both the general public and senior citizens. On retail domestic term deposits below Rs 2 crore, for the tenor of 1 year to less than 2 years, the interest rate has been hiked from 6.75 per cent to 6.80 per cent for the general public. Senior citizens will get a return of 7.30 per cent.

For the tenor of 2 years to less than 3 years, the interest rate has been increased by 25 bps from 6.75 per cent to 7 per cent for the general public and 7.25 per cent to 7.50 per cent for senior citizens. 

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For 3 years to less than 5 years, SBI has hiked the interest rate by 25 bps from 6.25 per cent to 6.50 per cent for general customers and for people above 60 years from 6.75 per cent to 7 per cent. 

For the tenor of 5 years and up to 10 years, the bank has hiked FD rate by 25 bps from 6.25 per cent to 6.50 per cent for people below 60 years of age and for senior citizens the rate is increased from 7.25 per cent to 7.50 per cent. 

For retail term deposits of Rs 2 crore and above, the public sector bank has also revised the interest rate. From 7 days to less than a year, the interest rate has been hiked by 50 bps for both general public and senior citizens. For tenor of 5 years to 10 years, the bank will offer an additional 50 bps return. For 1 year to less than 2 years, the rate has been increased by 25 bps. 

The highest increase of 75 bps is for the tenor of 2 years to less than 3 years. The bank is now offering 6.50 per cent return.

SBI FD rate hike: 400 days special scheme for senior citizens 

The bank has also introduced a specific tenor scheme of '400 days' at a rate of interest of 7.10 per cent under ‘SBI Wecare’ for senior citizens which will be effective from February 15. 

Under this scheme, an additional premium of 50 bps over and above the existing 50 bps i.e. 100 bps over card rate for the public will be paid to Senior Citizens on their retail Term Deposit for '5 Years and above' tenor only. 

‘SBI Wecare’ deposit scheme stands extended up to 31st March 2023.

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