Latest SBI FD interest rates: State Bank of India hikes fixed deposit rates by up to 75 bps

The State Bank of India (SBI) has raised its fixed deposit interest rates for certain time periods on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore). The new FD rates are effective from May 15, 2024, as stated on the SBI website.

Let us take a look at the latest SBI fixed deposit interest rates.

How much return will you get on SBI FDs below Rs 2 crore?

The bank has hiked its fixed deposit interest rates by 75 basis points (bps) on deposits maturing between 46 days and 179 days from 4.75% to 5.50%. For senior citizens, the bank has hiked from 5.25% to 6% on the same tenure.


SBI raised the interest rate on the tenure of 180 days to 210 days by 25 bps from 5.75 % to 6% for general citizens.

Also read: FD interest rate of up to 9.1%: These four banks have revised fixed deposit interest rates in May 2024

The bank has hiked FD rates by 25 bps on tenure of 211 days to less than 1 year from 6% to 6.25% for general citizens and 6.75% for senior citizens from 6.50%.

Latest SBI FD interest rates 2024

General Public		Senior Citizen
Tenors	Existing Rates for Public w.e.f. 27/12/2023	Revised Rates for Public w.e.f. 15/05/2024	Existing Rates for Senior 27/12/2023	Revised Rates for Senior Citizen w.e.f. 15/05/2024
7 days to 45 days	3.5	3.5	4	4
46 days to 179 days	4.75	5.5	5.25	6
180 days to 210 days	5.75	6	5.25	6.5
211 days to less than 1 year	6	6.25	6.5	6.75
1 Year to less than 2 years	6.8	6.8	7.3	7.3
2 years to less than 3 years	7	7	7.5	7.5
3 years to less than 5 years	6.75	6.75	7.25	7.25
5 years and up to 10 years	6.5	6.5	7.50*	7.50*

Source: SBI website

Latest SBI bulk deposit interest rates

The bank has increased interest rates by 25 basis points on bulk deposits for tenures ranging from 7 to 45 days, raising the rate from 5% to 5.25% for general citizens. For senior citizens, the bank has increased from 5.50% to 5.75% on the same tenure.

For general citizens with tenures between 46 days and 179 days, the bank has increased rates by 50 bps from 5.75% to 6.25%. The bank has increased from 6.25% to 6.75% for senior citizens on the same tenure.

The bank has hiked 10 bps on tenure 180 days to 210 days for general citizens from 6.50% to 6.60% and from 7% to 7.10% for senior citizens.

The bank has hiked the fixed deposit interest rate by 20 bps on tenures between 1 Year and less than 2 years from 6.80% to 7%.

For tenure between 2 years to less than 3 years, the bank has hiked from 6.75% to 7% for general citizens and for senior citizens, the bank has increased from 7.25% to 7.50%.

		General citizen		Senior Citizen
Tenors	Existing Rates for Public w.e.f. 27/12/2023	Revised Rates for Public w.e.f. 15/05/2024	Existing Rates for Senior Citizen w.e.f. 27/12/2023	Revised Rates for Senior Citizen w.e.f. 15/05/2024
7 days to 45 days	5	5.25	5.5	5.75
46 days to 179 days	5.75	6.25	6.25	6.75
180 days to 210 days	6.5	6.6	7	7.1
211 days to less than 1 year	6.75	6.75	7.25	7.25
1 Year to less than 2 years	6.8	7	7.3	7.5
2 years to less than 3 years	6.75	7	7.25	7.5
3 years to less than 5 years	6.25	6.25	6.75	6.75
5 years and up to 10 years	6	6	6.5	6.5

Source: SBI website