SBI Fixed Deposit Customers, Alert! Bank Has Increased FD Rates, Check Latest Rates

State Bank of India (SBI) has increased the FD interest rates, following in the footsteps of several major private and public sector banks in the country.

The country’s largest lender noted that the revised interest rates will be applicable from 15 February 2022. SBI also pointed out that the revised rates will be applicable on fixed deposits for tenures of more than 2 years. The lender has also noted that the revised rates are applicable on FDs worth less than Rs 2 crore.

Here are the latest SBI FD interest rates:

SBI will offer an interest rate of 5.20% on FDs maturing in 2-3 years. SBI was earlier offering a 5.10% interest rate.

The state-owned lender has increased the interest rate on term deposits with a tenure of two to five by 15 basis points to 5.45% from 5.30%.

SBI customers will receive an interest rate of 5.50% on fixed deposits with a tenure of five to 10 years.

However, SBI has kept the FD rates unchanged for short-term fixed deposits. For instance, SBI is offering an interest rate of 5.10% on Fixed Deposits maturing in one to two years.

Also, senior citizens will continue receiving 50 basis points higher interest rates on all fixed deposit investments. The revision in fixed deposit rates by SBI has come after the Reserve Bank of India’s monetary policy committee recently decided to keep the repo and reverse repo rates unchanged at 4% and 3.35%.

Soon, after the RBI’s decision on keeping the rates unchanged, several public and private sector banks have decided to increase the interest rates on fixed deposit investments.

So far, banks such as HDFC Bank, Axis Bank, ICICI Bank, Central Bank of India, UCO Bank, and now SBI have revised the interest rate on FD schemes worth less than Rs 2 crore.