SBI
SBI increases retail term deposit interest rates up to 80 bps
State Bank of India (SBI), the country’s largest lender has revised the retail term deposits (deposit below Rs 2.00 crore) interest rates upward (up to 80 bps), effective from October 22, 2022.
The bank raised interest on deposits for 46 days to 179 days term to 4.5 percent from the existing 4 percent, 180 days to 210 days to 5.25 percent, and for 211 days to less than 1 year to 5.50 percent.
However, senior citizens will enjoy a higher interest on their term deposits. For 46 days to 179 days term deposit, they would earn an interest of 5 percent, 180 days to 210 days to 5.75 percent, and for 211 days to less than 1 year to 6.00 percent.
For longer periods, deposits of more than 1 year, too, interest rates have been increased by SBI. Term deposits of 1 year to less than 2 years would fetch an interest rate of 6.10 while senior citizens would get a higher rate at 6.60 percent.
The rate for two years to less than 3 years term deposits has been revised to 6.25 percent. For senior citizens, it has been raised to 6.75 percent.
Term deposits of 3 years to less than 5 years will earn a 6.10 percent interest rate and senior citizens will earn 6.60 percent interest.
For 5 years and up to 10 years, the rate has been increased to 6.10 percent while senior citizens will benefit with an increased rate of 6.90 percent.
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