Check Latest SBI FD Rates Here

SBI fixed deposit interest rates hikedState Bank of India or SBI, the country’s largest public sector bank, has increased its fixed deposit interest rates for a certain period of time. The new rates of SBI FD have been implemented from last week. SBI fixed deposit interest rates are applicable on domestic fixed deposits of Rs 2 crore and above. This comes as a result of the Reserve Bank of India raising its repo rates by 50 basis points.

The new interest rates of SBI FD have come into effect from Friday, July 15. The bank has increased its FD rates by 50 basis points for general public on deposits from one year to less than two years. For senior citizens, the SBI FD interest rate has been increased by 50 basis points to 5.75 per cent for the same period. The rates for other periods have been kept unchanged by the Bank.

“The revised rates of interest will be applicable on renewal of fresh deposits and mature deposits. The interest rates on NRO term deposits will be aligned with the rates of domestic term deposits. These rates of interest will also be applicable to domestic fixed deposits from co-operative banks,” SBI said on its website.

“The premature penalty for bulk fixed deposits for all tenors will be 1 per cent. This will be applicable for all new deposits including renewals,” it further added.

Here are SBI’s fixed deposit interest rates on deposits above Rs 2 crore with effect from July 15, 2022:

7 days to 45 days: for general public – 3.50 percent; For Senior Citizens – 4.00 percent

46 days to 179 days: for general public – 4.00 percent; For senior citizens – 4.50 percent

180 days to 210 days: for general public – 4.25 percent; For senior citizens – 4.75 percent

211 days to less than 1 year: For general public – 4.50 percent; For Senior Citizens – 5.00 percent

1 year to less than 2 years: for general public – 5.25 percent; For senior citizens – 5.75 percent

2 years to less than 3 years: for general public – 4.25 percent; For senior citizens – 4.75 percent

3 years to less than 5 years: for general public – 4.50 percent; For Senior Citizens – 5.00 percent

From 5 years to 10 years: for general public – 4.50 percent; For senior citizens – 5.00 per cent.

As the Reserve Bank of India continued to increase its repo rates during the June meeting of the Monetary Policy Committee, banks also followed suit and increased their interest rates. This also includes increase in bank fixed deposit interest rates. SBI FD rates have increased in line with other banks including HDFC Bank, ICICI Bank, Punjab National Bank and others. During its August MPC meeting, the RBI is expected to further increase its repo rates as retail inflation in June stood at over 7 per cent, much higher than the central bank’s upper tolerance limit of 6 per cent.

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