SBI hikes FD interest rates by up to 25 bps; introduces new fixed deposit tenor with 7.1% interest rate

After two months, the State Bank of India (SBI) has raised interest rates on select fixed deposits (FDs) by up to 25 basis points(bps). According to the SBI website, the increase in FD interest rates ranges from 5 basis points to 25 basis points. The increased FD interest rates go into effect on February 15, 2023. The higher interest rates would be applicable to fixed deposits of up to Rs.2 crore.

Earlier, the bank had hiked interest rates on December 13, 2022 across select tenors by up to 65 bps.

Also read: Latest FD interest rates


SBI introduces new tenor of 400 days
SBI has also introduced a specific tenor scheme of "400 days" with an interest rate of 7.10%, effective from February 15, 2023. The said scheme will be valid till 31-Mar-2023.

How much return will you get on SBI FDs below Rs 2 crore?
The bank has hiked the interest rate on deposits maturing between 1 year to less than 2 year to 6.80 percent from 6.75 percent which is 5 basis points hike for regular citizens.

SBI raised the interest rate on tenure of 2 years to less than 3 years to 7 percent from 6.75 percent which is 25 basis points increase. The interest rate on FDs maturing in 3 years to less than 10 years has been hiked from 6.25 percent to 6.50 percent.

SBI senior citizen FD rates

The bank has hiked the interest rate on deposits maturing between 1 year to less than 2 year to 7.25 percent from 7.30 percent which is 5 basis points hike for regular citizens.

SBI raised the interest rate on tenure of 2 years to less than 3 years to 7.50 percent from 7.25 percent which is 25 basis points increase. The interest rate on FDs maturing in 3 years to less than 5 years has been hiked from 6.75 percent to 7 percent and for tenure of 5 years and up to 10 years, the interest rate is hiked to 7.50% from 7.25%.

SBI FD interest rates
Tenors	Existing Rates for Public w.e.f. 13.12.2022	Revised Rates For Public w.e.f. 15.02.2023	Existing Rates for Senior Citizens w.e.f. 13.12.2022	Revised Rates for Senior Citizens w.e.f. 15.02.2023
7 days to 45 days	3	3	3.5	3.5
46 days to 179 days	4.5	4.5	5	5
180 days to 210 days	5.25	5.25	5.75	5.75
211 days to less than 1 year	5.75	5.75	6.25	6.25
1 year to less than 2 year	6.75	6.8	7.25	7.3
2 years to less than 3 years	6.75	7	7.25	7.5
3 years to less than 5 years	6.25	6.5	6.75	7
5 years and up to 10 years	6.25	6.5	7.25	7.5

SBI Wecare’ Deposit for Senior Citizens
According to the SBI website, “A special ‘SBI Wecare’ Deposit for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over & above the existing 50 bps i.e. 100 bps over card rate for public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for '5 Years and above' tenor only. ‘SBI Wecare’ deposit scheme stands extended up to 31st March 2023.”