SBI FD Interest Rates: The State Bank of India‘s (SBI) latest move may catch your attention if you’re looking for a secure investment with respectable returns. Starting on May 15, 2024, SBI will be raising the interest rates on fixed deposits (FDs). Let’s examine these new prices’ specifics and what they represent for you.
Short-term FDs Get a Boost
SBI has raised interest rates by 75 basis points (bps) on deposits due between 46 and 179 days. This implies that your investment will now return 5.50%, up from 4.75% previously. And if you are a senior person, your interest rate has risen from 5.25% to a comfortable 6%.
Mid-term Gains for All
SBI has also increased the length of FD tenures, which now range from 180 to 210 days. General consumers will now get a 25 basis point increase, bringing their interest rate to 6%. Senior citizens as always receive a little extra, with their rate reaching 6.25%.
Here are the SBI FD Revised Interest Rates w.e.f. 15.05.2024 (Under Rs. 2 crore)
SBI FD Interest Rates for Bulk Deposits (Rs. 2 Crore and Above)
SBI has not forgotten people who deal with substantial amounts. If you park Rs 2 crore or more for a short period of 7 to 45 days, you’ll get 5%, up from 4.75% previously. Seniors receive an additional incentive, with their rate raised to 5.75%.
- Longer Commitments, Better Returns:
Are you looking to lock in your cash for a little while longer? SBI has something for you, too. Deposits lasting 46 to 179 days now yield 6.25%, a considerable increase from the previous 5.75%. Seniors, you’re in luck with a generous 6.75%.
- Extended Tenures, Enhanced Rewards:
Extend your FD term to 180 to 210 days, and you’ll get a handsome 6.6%, up from 6.5% for ordinary consumers. Seniors receive an even better deal, with their rate increased to 7.1%.
