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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





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