SBI revises interest rate on savings accounts, check latest rates here

The State Bank of India has revised its interest rates on savings deposits. The public sector lender is offering 2.70 per cent interest per annum on deposits less than Rs 10 crore. This is five basis points lower than its previous rate. However, SBI has hiked the deposit rates by 30 basis points to 3.00 per cent per annum on deposits over Rs 10 crore. The updated interest rates came into effect on 15 October. This comes after the bank hiked its interest rates on fixed deposits of all tenors below Rs 2 crore on 15 October by 20 basis points.

SBI’s FD rates:

The bank is offering 3.00 per cent interest on retail term deposits with a tenor of 7 to 45 days. For senior citizens, SBI is offering a rate of 3.50 per cent for the same duration. For deposits ranging from 46 to 179 days, SBI will give account holders 4 per cent interest. The rate increases to 4.65 per cent for deposits maturing in 180 to 210 days. For term deposits ranging from 211 days to less than one year, the interest rate is 4.70 per cent.

SBI is offering 5.60 per cent interest on deposits with a term of 1 year to less than 2 years. For deposits ranging from 2 years to less than 3 years, the rate is 5.65 per cent. While SBI is giving 5.80 per cent interest on fixed deposits maturing in 3 years to less than 5 years, the rate is 5.85 per cent for deposits ranging from 5 years and over to 10 years.

Furthermore, senior citizens will get an additional 50 bps over the existing rate across all tenors. This means that senior citizens can get up to 6.65 per cent interest on term deposits. The move will surely bring some festive cheer to account holders.

“The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate,” the website said. It also mentioned that SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1 per cent) and resident Indian Senior Citizens (0.50 per cent).

Other banks with high FD rates:

SBI is not the only bank which has hiked the interest rate on fixed deposits. Bank of Baroda, RBL Bank and IndusInd Bank are also offering attractive rates on term deposits.

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