Fixed Deposits: SBI hikes FD rates on these tenors!

financialexpress.com:

State Bank of India Fixed Deposits: SBI has revised interest rates for its fixed deposits (FDs), including ‘Sarvottam’, for various tenures. With the latest revision, the interest rates now are ranging from 3.5% to 7.9% for tenures of up to 10 years. The new FD interest rates are effective from May 15, 2024, according to the SBI website.

Under the bank’s Sarvottam (non-callable) domestic retail term deposits of above Rs 1 crore and below Rs 2 crore, general customers will now get 7.40% per annum for a tenure of two years. For one-year FDs, the interest rate is 7.1% for general subscribers. Senior citizens will get 7.9% interest rate per annum for deposits of 2 year-tenure. For FDs of one year tenure, senior citizen customers will receive an interest rate of 7.6%.

For deposits above Rs 2 crore under the Sarvottam (non-callable) bulk FD scheme, the bank has hiked rates to 7.4% for general customers booking the scheme for a two-year tenure. On one-year FDs, they will receive 7.3% interest rate. Senior citizens subscribing FDs of the two-year tenure will be given an interest rate of 7.9% per annum. On one-year tenure FD, the rate is 7.8% for senior citizens.

Also read: Fixed Deposit: How to choose a bank for opening an FD account

The PSU bank has hiked FD rate by 75 bps to 5.5% for tenure of 46 days to 179 days for general customers subscribing retail domestic term deposits of below Rs 2 crore. Senior citizens will get 6% interest rate per annum on FDs of these tenures.

The PSU bank is offering an interest rate of 6.5% to general customers subscribing FD schemes for tenures of 5 years and up to 10 years. Senior citizen customers get an interest rate of up to 7.5% for tenures of 5 years and up to 10 years. This includes 50