SBI Hikes Interest Rates: Check Out The Latest Rates Here
Increase in rates
State Bank of India (SBI) has increased its short-term retail Fixed Deposit (FD) rates by 25 to 75 basis points (bps). With this move, SBI is aiming to attract more deposits in the short term from retail customers (up to Rs 2 crore).
Reason
Higher rates can convince individuals to deposit their money with SBI rather than elsewhere, potentially boosting the banks liquidity and lending capacity. The new rates are effective from May 15, 2024.
7 to 45 days
The interest rate is 3.50% for short-term deposits ranging from 7 days to 45 days.
46 to 179 days
For deposits between 46 days and 179 days, the rate increases to 5.50%.
Upto 210 days
For 180 days to 210 days, the interest rate is 6.00%.
211 days to less than a year
Deposits held for 211 days to less than one year earn an interest rate of 6.25%.
1 year to less than 2 years
For the period of 1 year to less than two years, the interest rate is higher at 6.80%.
At its peak
The rate reaches its peak for deposits of 2 years to less than three years, standing at 7.00%.
From 3 to 5 years
For durations of 3 years to less than five years, the interest rate slightly decreases to 6.75%. Finally, for long-term deposits spanning five years up to 10 years, the interest rate is 6.50%.