SBI hikes FD interest rates by up to 50 bps; check latest fixed deposit rates here

The State Bank of India (SBI) has hiked the FD interest rates after almost 10 months. The last time the bank hiked the SBI FD rates in February 2023. Read on to know the latest rates on fixed deposits offered by SBI.

By Sneha Kulkarni, ET Online | Updated: Dec 28, 2023, 11.05 AM IST

The State Bank of India (SBI) has raised interest rates on certain fixed deposits (FDs) by up to 50 basis points on deposits below Rs 2 crore. According to the SBI website, the increase in FD interest rates will be effective from December 27, 2023. The bank has also hiked FD rates on deposits above Rs 2 crore also

How much return will you get on SBI FDs below Rs 2 crore?
The bank has hiked the interest rate on deposits maturing between 7 days to 45 days to 3.50 percent from 3 percent which is a 50 basis points hike.

SBI raised the interest rate on tenure of 46 days to 179 days to 4.75 percent from 4.50 percent which is 25 basis points.

The bank has hiked by 25 bps on tenure of 180 days to 210 days from 5.25 percent to 5.75 percent.

For FDs maturing 211 days to less than 1 year, the interest rate has been raised to 6 percent from 5.75 percent. On deposits maturing between three years to less than five years, the interest rate has been increased to 6.75 from 6.50 percent. Other tenure rates are untouched.

Latest SBI FD rates

Latest SBI FD Interest rate for General Public

Tenors	Existing Rates (%) for Public w.e.f. 15/02/2023	Revised Rates (%) for Public w.e.f. 27/12/2023
7 days to 45 days	3	3.5
46 days to 179 days	4.5	4.75
180 days to 210 days	5.25	5.75
211 days to less than 1 year	5.75	6
1 Year to less than 2 years	6.8	6.8
2 years to less than 3 years	7	7
3 years to less than 5 years	6.5	6.75
5 years and up to 10 years	6.5	6.5

Latest SBI FD interest rate for senior citizens

Tenors	Existing Rates (%) for Senior Citizen w.e.f. 15/02/2023	Revised Rates (%) for Senior Citizen w.e.f. 27/12/2023
7 days to 45 days	3.5	4
46 days to 179 days	5	5.25
180 days to 210 days	5.75	6.25
211 days to less than 1 year	6.25	6.5
1 Year to less than 2 years	7.3	7.3
2 years to less than 3 years	7.5	7.5
3 years to less than 5 years	7	7.25
5 years and up to 10 years	7.5	7.50*

SBI Amrit Kalash
According to the SBI website, “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The Scheme will be valid till 31-March-2024.”

5 banks that have hiked FD interest rates in December 2023

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