SBI hikes FD rates! Check State Bank of India’s latest fixed deposit rates – Times of India


SBIFD Rates Increase: The State Bank of India (SBI) has announced an increase in interest rates on certain Fixed Deposits (FDs) for deposits below Rs 2 crore. The revised rates, as mentioned on the SBI website, will be effective from December 27, 2023. Additionally, the bank has also increased FD rates for deposits above Rs 2 crore.

SBI FD Rate December 2023: Details


  • Interest rate hikes vary from period to period. We take a look at the key SBI FD rates you should know about:
  • For deposits maturing between 7 days and 45 days, the interest rate has been increased by 50 basis points, from 3% to 3.50%.
  • Similarly, the interest rate has been increased by 25 basis points to 4.75% for tenure from 46 days to 179 days.
  • On tenors of 180 days to 210 days, the interest rate has been raised from 5.25 percent to 5.75 percent, again an increase of 25 basis points.
  • Depositors of FD maturing between 211 days to less than 1 year will now earn an interest rate of 6% from the previous rate of 5.75%.
  • For FDs maturing between three years and less than five years, the interest rate has been increased from 6.50% to 6.75%.
However, according to an ET report, the rates for other periods have remained unchanged.
SBI FDI rate for general public

SBI FDI rate for general public


Latest SBI FD Interest Rates for Senior Citizens

Latest SBI FD Interest Rates for Senior Citizens


Apart from these revisions, SBI also offers a special tenor scheme called “Amrit Kalash” with an interest rate of 7.10%. The scheme is valid till 31 March 2024. Senior citizens are eligible for a higher interest rate at 7.60%.
These interest rate changes by SBI are aimed at providing better returns to depositors on their fixed deposits. With the RBI increasing the repo rate by 250 basis points from May 2022, banks have increased their fixed deposit and term deposit rates to attract investment in these fixed return instruments.
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