Interest rates

SBI Fixed Deposit Interest Rates: View Revised Rates for Different Terms

The State Bank of India, the country’s largest lender, has again raised interest rates on fixed deposits on amounts below Rs 2 crore. Interest rates were revised after the Reserve Bank of India (RBI) raised repo rates to 5.4% in August. The rates have already been in effect since August 13, 2022. Most lenders in the country have changed their term deposit rates. SBI currently offers fixed deposits for terms ranging from 7 days to 10 years. Rates are generally different for general investors and seniors. It is between 2.90% and 5.65% for the general public. For seniors, it is between 3.40% and 6.45%.
The bank raised FD rates by an average of 15 basis points on deposits from 4.40% to 4.55% between 180 days and 210 days for the general public. For deposits of one year to less than two years, the new rate was set at 5.45% after an increase of 15 basis points. It also introduced a specific term of 1,000 days and the interest rate for the period was set at 6.10%. It is applicable for 75 days, starting August 15, 2022.

Also Read: New Fixed Deposit Rates: SBI vs Bank of Baroda vs ICICI Bank

Zoom on all general public and senior rates.

Rates less than 1 year

Tenor General public The elderly
7 days to 45 days 2.90% 3.40%
46 days to 179 days 3.90% 4.40%
180 days to 210 days 4.55% 5.05%
211 Days to less than 1 year 4.60% 5.10%

FD rates from 1 to 10 years

Tenor General public The elderly
1 year to less than 2 years 5.45% 5.95%
2 years to less than 3 years 5.50% 6.00 percent
3 years to less than 5 years 5.60% 6.10%
5 years to 10 years maximum 5.65% 6.45%

Also Read: FD, Small Savers Interest Rates to Rise as RBI Raises Repo Rate Again

Why choose FDs?

A SEBI survey in 2019 pointed out that despite the high yield investment options available in the market, 95% of Indian families prefer to multiply their savings through term deposits. The biggest draw is the guaranteed returns. According to experts and market gurus, FDs can be a smart way to build a healthy corpus as it is a low-risk, safe and consistent investment avenue despite market fluctuations. FDs work well to balance the risk in one’s portfolio as stock markets are very volatile and may not yield the desired return due to frequent ups and downs.