SBI hikes fixed deposit rates

 

SBI hikes fixed deposit rates by up to 50 basis points. Check latest FD rates of State Bank of India here

In a recent move, the State Bank of India (SBI) has increased interest rates on fixed deposits (FDs) below ₹2 crore, with the revised rates taking effect from December 27, 2023. This marks the fifth interest rate hike on term deposits in December 2023, with other banks like Bank of India, Federal Bank, Kotak Mahindra Bank, and DCB Bank also adjusting their rates this month.

Revised SBI FD Rates:

7 days to 45 days: 3.50%
46 days to 179 days: 4.75%
180 days to 210 days: 5.75%
211 days to less than 1 year: 6%
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%
5 years and up to 10 years: 6.50%

SBI FD Rates for Senior Citizens (additional 50 bps):

7 days to 45 days: 4%
46 days to 179 days: 5.25%
180 days to 210 days: 6.25%
211 days to less than 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%
5 years and up to 10 years: 7.5%

This rate adjustment follows SBI's last revision in February 2023 and comes despite the Reserve Bank of India (RBI) maintaining the key repo rate at 6.5% during its December 8 MPC meeting.

It's worth noting that Axis Bank has also revised its fixed deposit interest rates for amounts below ₹2 crore, effective from December 26, 2023, as per information available on the Axis Bank website.