The State Bank of India (SBI) currently provides interest rates to the tune of 3.4-6.2 per cent to senior citizens, and 2.9-5.4 per cent to general depositors, on retail fixed deposits (FDs). The country’s largest lender by assets, provides eight maturity options for FDs up to ₹ 2 crore. The maturity period also known as the lock-in period starts at seven days and extends to as long as 10 years. The commercial banks such as State Bank of India, revises interest rates applicable to fixed deposits from time to time, to align with the benchmark rates.
State Bank of India (SBI) currently provides these annual returns on retail fixed deposits (FDs):
SBI Fixed Deposit Rates
| Maturity Period | Interest Rate With Effect From September 10 | |
|---|---|---|
| Public | Senior citizen | |
| Seven days to 45 days | 2.9% | 3.4% |
| 46 days to 179 days | 3.9% | 4.4% |
| 180 days to 210 days | 4.4% | 4.9% |
| 211 days to less than one year | 4.4% | 4.9% |
| One year to less than two years | 4.9% | 5.4% |
| Two years to less than three years | 5.1% | 5.6% |
| Three years to less than five years | 5.3% | 5.8% |
| Five years and up to 10 years | 5.4% | 6.2% |
| (Source: sbi.co.in) | ||
These interest rates on retail domestic term deposits (below ₹ 2 crore) have been effective since September 10, 2020. All figures in per cent are per annum. The bank provides different annual returns on retail domestic term deposits for ₹ 2 crore and above.
