SBI FD rate hike: The State Bank of India (SBI) has implemented an increase in fixed deposit interest rates for specific durations on retail deposits (amounting up to ₹2 crore). As per the information available on the bank’s website, these updated FD rates came into effect on May 15, 2024.

SBI has adjusted its fixed deposit interest rates, enhancing rates for durations spanning from 46 to 179 days, 180 to 210 days, and 211 days to less than one year by 25-75 basis points (bps). Meanwhile, interest rates for other maturity periods beyond one year remain unchanged. Senior citizens are entitled to an additional 50 basis points on the revised rates, as per the bank’s guidelines. This rate adjustment follows the bank’s previous hike in FD rates on December 27, 2023. The updated FD rates came into effect on May 15, 2024. For comprehensive details on the latest FD rates, visit the State Bank of India’s official website.

• Seven days to 45 days 3.50%
• 46 days to 179 days,5.50% 
• 180 days to 210 days 6.00%
• 211 days to less than one year 6.25%
• 1 Year to less than two years 6.80%
• Two years to less than three years 7.00%
• Three years to less than five years 6.75%
• Five years and up to 10 years 6.50%

SBI FD rates for senior citizens

Senior citizens benefit from an additional 50 basis points (bps) on their fixed deposits with the State Bank of India (SBI). Post the recent rate revision, SBI offers senior citizens interest rates ranging from 4% to 7.5% for deposit terms spanning from seven days to ten years. Specifically, rates stand at 4% for deposits of 7 days to 45 days, 6.00% for 46 days to 179 days, and 6.5% for terms of 180 days to 210 days. Deposits held for 211 days to less than one year earn a rate of 6.75%. For a tenure of 1 year to less than two years, the rate is 7.30%, while deposits of 2 years to less than three years offer the highest rate of 7.50%. For periods of 3 years to less than five years, the interest rate is 7.25%, and for long-term deposits of 5 years up to 10 years, the rate is also 7.50%.

• even days to 45 days 4%
• 46 days to 179 days 6.00%
• 180 days to 210 days, 6.5% 
• 211 days to less than one year 6.75% 
• 1 Year to less than two years 7.30%
• Two years to less than three years 7.50%
• Three years to less than five years 7.25
• Five years and up to 10 years 7.5%