SBI hikes interest rates on FDs

The State Bank of India (SBI) has raised interest rates on certain fixed deposits (FDs) by up to 0.5 per cent with immediate effect.

The bank has hiked the interest rate on deposits maturing between 7 days to 45 days to 3.50 per cent from 3 per cent.

SBI raised the interest rate on tenure of 46 days to 179 days to 4.75 per cent from 4.50 per cent.

The bank has also hiked the interest rate on tenure of 180 days to 210 days from 5.25 per cent to 5.75 per cent.

For FDs maturing 211 days to less than one year, the interest rate has been raised to 6 per cent from 5.75 per cent.

On deposits maturing between three years to less than five years, the interest rate has been increased to 6.75 from 6.50 per cent. Other tenure rates have been left unchanged.

In the case of the Amrit Kalash specific tenor scheme of ‘400 days’ at rate of interest of 7.10 per cent w.e.f. April 12, 2023, senior citizens are eligible for a rate of interest of 7.60 per cent. The scheme will be valid till March 31, 2024.