State Bank of India (SBI), the country’s top lender, has raised interest rates on fixed deposits ranging from 25 basis points to 65 basis points. 

Effective 13 December, the new rates are on fixed deposits of up to Rs 2 crore.

The bank last hiked interest rates on retail term deposits across all tenures by up to 80 basis points on 22 October.

FDs attracting 6.75% interest rate

SBI’s highest interest rate offer is 6.75% on fixed deposits across some tenures. 

The highest increase of 65 basis points is on tenure of one year to less than two years where the rate has gone up from 6.10% to 6.75%.

For FDs maturing between two years to less than three years, the interest rate has been raised to 6.75% from 6.25%, a rise of 50 basis points.

FDs attracting 6.25% interest rate

On deposits maturing between three years to less than five years, the interest rate has gone up by 15 basis points to 6.25% from 6.10 percent. Similar is the case for FDs maturing between five years to up to 10 years.

5.75% interest rate

The interest rate on deposits maturing between 211 days to less than one year has increased to 5.75% from 5.50%. 

5.25% interest rate

The bank has increased by 50 basis points to 5.25% on deposits maturing between 180 days to 210 days. 

The rates are unchanged for deposits maturing between 46 days to 179 days (4.50%) and 7 days to 45 days (3%).

Senior citizen interest rates

For senior citizens, the bank offers interest rate ranging between 3.50% to 7.25% for tenure between 7 days to 10 years.

Senior citizens can now earn 7.25% interest on FDs for tenors of 1 year to less than 2 years (up from 6.60% earlier), 2 years to less than 3 years (6.75% earlier) and 5 to 10 years (from 6.90% earlier). 

SBI Wecare deposit scheme

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 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."

SBI pensioners

Pensioners of SBI get extra 0.5% interest from that offered to other senior citizens for FDs across different tenors.

“The rate applicable to all senior citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%)," SBI said on its website.

SBI has also hiked bulk FD interest rates with effect from 13 December. Under the bulk FDs which is for deposits from Rs 2 crore and above, SBI has hiked rates by 50 basis points to 100 basis points across tenures.