FD rate reaches 7.9% for some seniors; check details

SBI Diwali Gift: SBI raised FD rates by up to 80 basis points on deposits below Rs 2 crore from Oct 22. After the latest increase, some seniors will be eligible for an interest rate of up to 7.9% on their deposits with the bank.

The SBI FD rate for some older people reaches 7.9%

Photo: ET Now Digital

The State Bank of India (SBI) on Saturday, Oct 22, further increased its Fixed Deposit (FD) rate on deposits below Rs 2 crore. In its latest increase, the public sector bank raised interest rates on selected fixed deposit (FD) holdings by up to 80 basis points (bps). The increase in FD interest rates ranges from 25 bps to 80 bps, according to the bank’s website.

The increase will apply to retail time deposits in all tenures up to 20 bps on October 15, 2022. With two consecutive increases in one week, the interest rate for FDs with maturities between 211 days and less than one year jumped by 90bps. India’s largest bank has been raising interest rates in line with rate hikes by the Reserve Bank of India (RBI) this year.

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After the latest increase, some seniors will be eligible for an interest rate of up to 7.9% on their bank deposits. This rate will be available only for SBI pensioners since the bank provides an additional 1% to its employees and pensioners. SBI pensioners also get an additional 0.5% for other senior citizens in different periods.

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For other seniors, the maximum FD rate on deposits below Rs 2 crore for holdings of 5 years to 10 years is 6.9%. This rate was increased by 25 basis points from the previous 6.65% in the last increase.

The FD rate on deposits from 3 years to less than 5 years has been increased by 30 basis points from 6.30% to 6.60%. SBI FD interest from 2 years to less than 3 years has been increased by 60 basis points, from 6.15% to 6.75%.

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For deposits maturing between 46 days and 179 days, the interest rate will increase from 4.50% to 5%. The bank raised the interest rate for FDs maturing between 180 and 210 days from 5.15% to 5.75%.

According to the SBI website, the interest rate payable to SBI staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all SBI Seniors and Retirees aged 60 and above will be 0.50% above the rate payable for all installments to Resident Senior Citizens of India, i.e. , Indian senior retirees residing in SBI will get staff benefits (1%). and resident Indian senior citizens (0.50%).

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