Ritik Gupta
State Bank of India (SBI) has heightened fixed deposit or FD rates for some select maturity periods. The modified SBI rates on retail FDs of less than ₹ 2 crores are active from 8 January. The bank has hiked the interest rates on fixed deposits (FDs) for 1 year to less than 2 years by 10 basis points (bps). The proposed rates of interest shall be formulated applicable to fresh deposits and renewals of maturing deposits. SBI had before amended interest rates on fixed deposits on 10 September 2020.
After the latest modification, SBI FDs between 7 days to 45 days will now fetch 2.9%. Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will save 4.4%. Deposits with maturity between 1 year and up to less than 2 years will provide 10 bps more now. These deposits will fetch an interest rate of 5% instead of 4.9%. FDs maturing in 2 years to less than 3 years will give 5.1%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will proceed giving 5.4%.
SBI latest FD interest rates for general public effective 8 January 2021
7 days to 45 days – 2.9%
46 days to 179 days – 3.9%
180 days to 210 days – 4.4%
211 days to less than 1 year – 4.4%
1 year to less than 2 years – 5%
2 years to less than 3 years – 5.1%
3 years to less than 5 years – 5.3%
5 years and up to 10 years – 5.4%
SBI latest FD interest rates for senior citizens effective 8 January 2021
SBI offers senior citizens’ an extra 50 bps interest rate across all tenors. After the latest amendment, senior citizens will get 3.4% to 6.2% on FDs maturing in 7 days to 10 years.
7 days to 45 days – 3.4%
46 days to 179 days – 4.4%
180 days to 210 days – 4.9%
211 days to less than 1 year – 4.9%
1 year to less than 2 years – 5.5%
2 years to less than 3 years – 5.6%
3 years to less than 5 years – 5.8%
5 years and up to 10 years – 6.2%
SBI has furthermore broadened the unique FD scheme for senior citizens known as ‘SBI Wecare’ Deposit till 31 march 2021.
