State Bank of India (SBI), the country’s largest lender, has raised interest rates on fixed deposits of less than Rs 2 crore. According to the bank’s official website, the new rates go into effect on October 15, 2022. Based on the changes made today, SBI has raised fixed deposit interest rates by up to 20 basis points. SBI now offers deposits maturing in 7 days to 10 years at interest rates ranging from 3.00% to 5.85% for the general public and 3.50% to 6.65% for senior citizens.
SBI increased the interest rate on deposits maturing in 7 to 45 days by 10 basis points, from 2.90% to 3.00%, and on deposits maturing in 46 to 179 days by 10 basis points, from 3.90% to 4.00%. Deposits maturing in 180 days to 210 days will now offer an interest rate of 4.65%, up from 4.55% previously, a 10 basis point increase, and deposits maturing in 211 days to less than one year will now offer an interest rate of 4.70%, up from 4.60% previously, a 10 basis point increase.
SBI increased interest rates on deposits maturing in 1 year to less than 2 years by 15 basis points, from 5.45% to 5.60%, and on deposits maturing in 2 years to less than 3 years by 15 basis points, from 5.50% to 5.65%. Interest rates on deposits maturing in 3 to 5 years were raised from 5.60% to 5.80%, a 20 basis point increase, and rates on deposits maturing in 5 to 10 years were raised from 5.65% to 5.85%, also a 20 basis point increase.
