State Bank of India (SBI) raised its fixed deposit interest rates by 20 basis points in June 2022. The rates came into effect on June 14, and are applicable on deposits below ₹2 crore, SBI said on its official site.
The interest rate on FDs of less than 211 days tenure are unchanged. Deposits of 211 days to 1 year will now fetch interest of 4.6 per cent as against 4.40 per cent previously. The new rates will be available for customers who have already opened or plan to open an FD account r.
On FD deposits of 1 year to less than two years tenure, interest rates have been hiked to 5.30 per cent from 5.10 per cent. Interest rate on fixed deposits having a tenure of two years to less than three years has been raised to 5.35 per cent from 5.20 per cent, up by a margin of 15 basis points.
The revised rates will apply to both new deposits and maturing deposits In addition, SBI stated that SBI Staff and SBI Pensioners will get an additional 1 per cent above the applicable rates. Senior citizens and SBI Pensioners above the age of 60 will get 0.50 per cent over the payable rate.
SBI current interest rates on bulk fixed deposits of below ₹2 crore
Tenure | General Public Fixed Deposit Rate | Senior Citizen Fixed Deposit Rate |
---|---|---|
7 days to 45 days | 2.90% | 3.40% |
46 days to 179 days | 3.90% | 4.40% |
180 days to up to 1 year | 4.40% | 4.90% |
1 year to up to 2 years | 5.10% | 5.60% |
2 years to up to 3 years | 5.20% | 5.70% |
3 years to up to 5 years | 5.45% | 5.95% |
5 years to 10 years | 5.50% | 6.30% |
Comparison of interest rates to maturity amount
Total Maturity Amount on investment of ₹10,000 (previous interest rates)
Tenure | Interest Rate | Maturity Amount |
---|---|---|
1 year | 4.4% | ₹10,447 |
2 years | 5.1% | ₹11,067 |
3 years | 5.2% | ₹11,677 |
5 years | 5.45% | ₹13,108 |
Total Maturity Amount on investment of ₹10,000 (revised interest rates)
Tenure | Interest Rate | Maturity Amount |
---|---|---|
1 year | 5.3% | ₹10,541 |
2 years | 5.35% | ₹11,121 |
3 years | 5.45% | ₹11,763 |
5 years | 5.5% | ₹13,141 |
RBI Governor Shaktikanta Das along with other members of the Monetary Policy Committee (MPC), unanimously voted to hike the policy repo rate by 50 basis points to 4.90 per cent, as per RBI Monetary Policy Statement 2022-23. The committee also maintained its decision on withdrawal of accommodation to ensure that inflation remains in line with target ahead.
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