Latest SBI FD rates: Effective May 15, 2024, the State Bank of India (SBI) has increased its fixed deposit (FD) interest rates for both retail fixed deposits below Rs 2 crore and for bulk deposits above Rs 2 crore.
Latest SBI Fixed Deposit (FD) Interest Rates
For deposits below Rs 2 crore
SBi has increased its fixed deposit rates by 75 basis points (bps) for deposits maturing between 46 days and 179 days, from 4.75% to 5.50%.
For senior citizens, the rate rose from 5.25% to 6% for the same period.
For deposits maturing between 180 days and 210 days, the rate increased by 25 bps from 5.75% to 6% for general citizens.
Rates also increased by 25 bps for deposits maturing between 211 days and less than 1 year, from 6% to 6.25% for general citizens and from 6.50% to 6.75% for senior citizens.
ALSO READ | Senior Citizens Savings Scheme vs Bank FDs: Interest rates, tax benefits, and deposit limits compared
Latest SBI FD interest rates 2024
| General Public | Senior Citizen | |||
| Tenors | Existing Rates for Public w.e.f. 27/12/2023 | Revised Rates for Public w.e.f. 15/05/2024 | Existing Rates for Senior 27/12/2023 | Revised Rates for Senior Citizen w.e.f. 15/05/2024 |
| 7 days to 45 days | 3.5 | 3.5 | 4 | 4 |
| 46 days to 179 days | 4.75 | 5.5 | 5.25 | 6 |
| 180 days to 210 days | 5.75 | 6 | 5.25 | 6.5 |
| 211 days to less than 1 year | 6 | 6.25 | 6.5 | 6.75 |
| 1 Year to less than 2 years | 6.8 | 6.8 | 7.3 | 7.3 |
| 2 years to less than 3 years | 7 | 7 | 7.5 | 7.5 |
| 3 years to less than 5 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 5 years and up to 10 years | 6.5 | 6.5 | 7.50* | 7.50* |
Source: SBI website as cited by ET
For bulk deposits
The bank increased interest rates by 25 basis points for bulk deposits with tenures ranging from 7 to 45 days, now at 5.25% for general citizens and 5.75% for seniors.
For general citizens with tenures between 46 days and 179 days, rates increased by 50 bps to 6.25%, while for seniors, it rose to 6.75%.
Rates for general citizens on tenures from 180 days to 210 days rose by 10 bps to 6.60%, and for seniors, it increased to 7.10%.
The bank also raised rates by 20 bps for tenures between 1 year and less than 2 years, now at 7%.
For tenures between 2 years and less than 3 years, rates increased to 7% for general citizens and 7.50% for seniors.
| General citizen | Senior Citizen | |||
| Tenors | Existing Rates for Public w.e.f. 27/12/2023 | Revised Rates for Public w.e.f. 15/05/2024 | Existing Rates for Senior Citizen w.e.f. 27/12/2023 | Revised Rates for Senior Citizen w.e.f. 15/05/2024 |
| 7 days to 45 days | 5 | 5.25 | 5.5 | 5.75 |
| 46 days to 179 days | 5.75 | 6.25 | 6.25 | 6.75 |
| 180 days to 210 days | 6.5 | 6.6 | 7 | 7.1 |
| 211 days to less than 1 year | 6.75 | 6.75 | 7.25 | 7.25 |
| 1 Year to less than 2 years | 6.8 | 7 | 7.3 | 7.5 |
| 2 years to less than 3 years | 6.75 | 7 | 7.25 | 7.5 |
| 3 years to less than 5 years | 6.25 | 6.25 | 6.75 | 6.75 |
| 5 years and up to 10 years | 6 | 6 | 6.5 | 6.5 |
Source: SBI website as cited by ET