SBI Raises Fixed Deposit Interest Rates By Upto 50 bps; Check Latest FD Rates

State Bank of India (SBI) has increased interest rates on fixed deposits (FDs) by up to 50 basis points (bps), effective 27 December, according to the government-owned lender's website. The FD interest rates have been revised for deposits below Rs 2 crore.

SBI's website details the changes, indicating a rise of 25 basis points in interest rates for '46 days to 179 days', '211 days to less than 1 year' and '3 years to less than 5 years' tenures. Meanwhile, '7 days to 45 days' and '180 days to 210 days' tenures have seen a hike of 50 basis points.

However, interest rates on '1 year to less than 2 years', '2 years to less than 3 years', and '5 years and up to 10 years' tenures remain unchanged.

The revised rates for different tenures below Rs 2 crore for both general public and senior citizens are as follows:

• 7 days to 45 days: General Public - 3.50 per cent; Senior Citizens - 4 per cent
• 46 days to 179 days: General Public - 4.75 per cent; Senior Citizens - 5.25 per cent
• 180 days to 210 days: General Public - 5.75 per cent; Senior Citizens - 6.25 per cent
• 211 days to less than 1 year: General Public - 6 per cent; Senior Citizens - 6.50 per cent
• 1 year to less than 2 years: General Public - 6.80 per cent; Senior Citizens - 7.30 per cent
• 2 years to less than 3 years: General Public - 7 per cent; Senior Citizens - 7.50 per cent
• 3 years to less than 5 years: General Public - 6.50 per cent; Senior Citizens - 7 per cent
• 5 years to up to 10 years: General Public - 6.50 per cent; Senior Citizens - 7.50 per cent

Additionally, a scheme named '400 days' (Amrit Kalash) offers a rate of interest at 7.10 per cent w.e.f. 12 April 2023, valid till 31 March 2024. Senior citizens can avail a rate of interest of 7.60 per cent under this scheme.

The move aligns with RBI Governor Shaktikanta Das's emphasis on enhanced monetary policy transmission. The RBI's recent decision to maintain the repo rate at 6.5 per cent underscores the scope for banks to make changes in response to evolving economic conditions.