State Bank of India has given its customers some good news by increasing the interest rates on various tenure fixed deposits by 75 basis points. The revised rates have been in effect since May 15. The country’s largest public sector bank, SBI, has announced an increase in interest rates on fixed deposits for retail depositors below Rs.2 crores and bulk deposits above Rs.2 crores. The new interest rates are effective from May 15, 2024.
The new interest rates on deposits below Rs.2 crore are as follows:
- The interest rate for deposits with a maturity period of 46 days to 179 days has been increased from 4.75% to 5.50% for general customers and from 5.25% to 6% for senior citizens.
- The interest rate on deposits has been increased from 5.75% to 6%, from 180 days to 210 days.
- The interest rate has been increased from 6% to 6.25% for general customers and from 6.50% to 6.75% for senior citizens for deposits of 211 days to one year.
For bulk deposits above Rs.2 crores:
- The interest rate on deposits with a tenure of 7 days to 45 days has been increased from 5% to 5.25% for general customers and from 5.75% to 6% for senior citizens.
- The interest rate has been increased from 5.75% to 6.25% for general customers and from 6.25% to 6.75% for senior citizens for deposits with a tenure of 46 days to 179 days.
- The new interest rates have increased to 6.60% for general customers and 7.10% for seniors for deposits from 180 days to 210 days.
- The interest rate for general customers has increased from 6.80% to 7% for deposits within 1 year to 2 years.
- The interest rate has increased from 6.75% to 7% for general customers and 7.25% to 7.50% for senior citizens for deposits of 2 to 3 years.
