SBI FD interest rates increase: With this, SBI becomes the fifth bank to raise interest rates on term deposits in December 2023. Bank of India, Federal Bank, Kotak Mahindra Bank and DCB Bank also increased rates on their term deposits this month.
State Bank of India (SBI) has increased FD interest rates by 50 basis points on deposits of less than Rs 2 crore. According to the SBI website, the increase in FD interest rates will be effective from December 27, 2023. That means the increased rates on FD have come into effect from from December 27. The bank has also increased FD rates on deposits above Rs 2 crore. The bank has increased the rates on all tenures except one year to less than 2 years, 2 years to less than 3 years and five years to 10 years.
How much return will you get on FD less than Rs 2 crore?
The bank has increased the interest rate on deposits maturing between 7 days to 45 days to 3.50 percent from 3 percent, an increase of 50 basis points. SBI has increased the interest rate from 4.50 percent to 4.75 percent i.e. 25 basis points for the period from 46 days to 179 days. The bank has increased the interest rate by 25 bps from 5.25 percent to 5.75 percent for tenure from 180 days to 210 days. The interest rate on FDs with maturity period between 211 days to less than 1 year has been increased from 5.75 percent to 6 percent. The interest rate on deposits maturing between three years to less than five years has been increased from 6.50 percent to 6.75 percent.
SBI has increased FD rates from December 27. Check latest FD rates here
- 7 days to 45 days 3.50%
- 46 days to 179 days 4.75%
- 180 days to 210 days 5.75%
- 6% from 211 days to 1 year
- 1 year to less than 2 years 6.80%
- 2 years to less than 3 years 7.00%
- 3 years to less than 5 years 6.75%
- 6.50% for 5 years and 10 years
SBI FD Rates for Senior Citizens
Senior citizens will get an additional 50 basis points (bps) on these deposits. After the latest hike, SBI offers rates ranging from 4 to 7.5% on deposits maturing in seven days to ten years.
- 7 days to 45 days 4%
- 46 days to 179 days 5.25%
- 180 days to 210 days 6.25%
- 211 days to 1 year 6.5%
- 1 year to less than 2 years 7.30%
- 2 years to less than 3 years 7.50%
- 3 years to less than 5 years 7.25
- 7.5% for 5 years and 10 years
- The bank last revised FD rates in February 2023.
These banks increased FD rates in December 2023
With this, SBI becomes the fifth bank to raise interest rates on term deposits in December 2023. Bank of India, Federal Bank, Kotak Mahindra Bank and DCB Bank also increased rates on their term deposits this month. The rate hike comes after the Reserve Bank of India (RBI) kept the key repo rate at 6.5 per cent for the fifth consecutive time in its December 8 MPC meeting.
