SBI FD Rate Hike: SBI FD Rate Hike: If you want to get a fixed deposit (FD) in the bank, then there is good news for you. State Bank of India has announced an increase in the interest rates of FDs available for certain tenures from May 15, 2024. This increase has been made for those people who have a deposit of less than ₹ 2 crore.
Table of Contents
Let us tell you that SBI has now increased the interest rate on FDs with a duration of 46 to 179 days by 25 to 75 basis points (bps). Due to which you will now get more interest than the earlier interest rate. Earlier, State Bank of India (SBI) had increased the interest rates on Fixed Deposit (FD) on 27 December 2023 last year.
SBI offers different FD interest rates depending on the investment period. Let us know what are the new interest rates of SBI (latest SBI FD Rates 2024) after this change….
SBI’s new interest rates for common people
7 days to 45 days – 3.50%
46 days to 179 days – 5.50% (Earlier 5.25%)
180 days to 210 days – 6.00%
211 days to less than 1 year – 6.25%
1 year to less than 2 years – 6.80%
2 years to less than 3 years – 7.00% (Highest interest rate)
3 years to less than 5 years – 6.75%
5 years to 10 years – 6.50%
Special benefits for senior citizens
Senior citizens get additional benefits on SBI FDs (SBI FD Rates for Senior Citizens). They are given 50 basis points more interest than the general public. After the increase in interest rates, now senior citizens can get interest ranging from 4% to 7.5% on FDs ranging from 7 days to 10 years. These rates are only for Indian resident senior citizens.
New interest rates on FD for senior citizens
7 days to 45 days: 4%
46 days to 179 days: 6.00%
180 days to 210 days: 6.50%
211 days to less than 1 year: 6.75%
1 year to less than 2 years: 7.30%
2 years to less than 3 years: 7.50% (Highest interest rate)
3 years to less than 5 years: 7.25%
5 years to 10 years: 7.50%
