New Delhi: India's largest public sector lender State Bank of India (SBI) has given major cheer to lakhs of customers of the bank ahead of the new year 2024. SBI has announced to hike its Fixed Deposit (FD) Rates for Deposits below Rs 2 crore.
SBI's latest FD rates are applicable from today (Wednesday 27 December 2023).
SBI in its website has announced Revision in Interest Rates on Retail Domestic Term Deposits (Below Rs. 2 crore) w.e.f. 27.12.2023. The revised interest rates are as under:
| General Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Existing Rates for Public w.e.f. 15/02/2023 | Revised Rates for Public w.e.f. 27/12/2023 | 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 | 3.00 | 3.50 | 3.50 | 4.00 |
| 46 days to 179 days | 4.50 | 4.75 | 5.00 | 5.25 |
| 180 days to 210 days | 5.25 | 5.75 | 5.75 | 6.25 |
| 211 days to less than 1 year | 5.75 | 6.00 | 6.25 | 6.50 |
| 1 Year to less than 2 years | 6.80 | 6.80 | 7.30 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.00 | 7.50 | 7.50 |
| 3 years to less than 5 years | 6.50 | 6.75 | 7.00 | 7.25 |
| 5 years and up to 10 years | 6.50 | 6.50 | 7.50 | 7.50* |
* The FD rates 5 years and up to 10 years tenor for senior citizen is Including additional premium of 50 bps under ”SBI We-care” deposit scheme.
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 rate of interest of 7.60%. The Scheme will be valid till 31-March-2024, SBI has said.
SBI's FD rate revision comes weeks after the RBI's bi-monthly monetary policy announcement. Reserve Bank of India (RBI) kept the repo rates unchanged. Announcing the outcome of the 6-member Monetary Policy Committee (MPC) meet On December 8, RBI Governor Shaktikanta Das said that the central bank has decided to keep the repo rates unchanged at 6.5 percent. The 3-day MPC meet of the RBI began on December 6. This is the fifth consecutive time of the ongoing fiscal when RBI maintained status quo in its key interest rates.
