For FDs of less than ₹2 crore, SBI hikes interest rates by up to 25 bps

The new interest rates are effective from February 15. The hike comes just days after the RBI raised the policy repo rate by 25 bps to 6.5%.

Published on: Feb 15, 2023, 15:29:02 IST

By HT News Desk, New Delhi

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The State Bank of India (SBI) has hiked interest rates by up to 25 basis points (bps) on fixed deposits (FDs) of less than ₹2 crore, HT's sister publication Mint has reported. The hike in interest rates comes days after the Reserve Bank of India (RBI) raised the policy repo rate by 25 bps to 6.5%.

SBI's new interest rates came into effect on Wednesday. These are for both general customers and senior citizens.

General FD rates

For deposits with tenure of less than a year, the country's largest public sector lender has not made any change. This, therefore, means it continues to offer 3% on 7-45 days, 4.5% on 46-179 days, 5.25% on 180-210 days, and 5.75% on 211 days to less than 1 year.

On the other hand, on FD's for 2 years to less than 3 years, the interest rate has been increased from 6.75% to 7%. For tenures from 3 to 10 years, it now stands at 6.5% for each, up from the earlier 6.25%.

FDs with a tenure of 1 year to less than 2 years received the lowest hike, of 5 bps, from 6.75% to 6.8%.

FD rates for senior citizens

Tenure	New rate	Previous rate
1 year to less than 2 years (5 bps)	7.3%	7.25%
2 years to less than 3 years	7,5%	7.25%
3 years to less than 5 years	7%	6.75%
5 years to up to 10 years	7.5%	7.25%

Also, as in the case of general customers, for senior citizens, too, there is no change in interest rates on fixed deposits maturing in less than 1 year. An elderly will continue to earn 3.5% on 7-45 days, 5% on 46-179 days, 5.75% on 180-210 days, and 6.25% on 211 days to less than 1 year.

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