If you have invested your money in State Bank of India Fixed deposit, or planning to do so, we have a good news for you. From 15th May 2024 onwards, SBI has made changes to FD Interest rates. For three tenures, the fd interest rates are hiked for both general public and Senior Citizens.
The revised interest rates for SBI FD are for following tenures:
- 46 to 179 Days
- 180 to 210 days and;
- 211 days to Less than 1 Year.
If you are interested to Calculate the returns as per the new FD rates, do use our SBI FD Calculator.
SBI New FD Interest Rates 2024
Fixed deposits are considered among safest investment options in India. Many people invest their money in bank’s FD schemes. The interest rates are usually revised within a year or so. From 15th May 2024 onwards, the new SBI FD interest rates are applicable. For you reference, we are including the revised interest rate chart .
SBI Revised Fixed Deposit Interest Rates May 2024
Here is the table that compares new applicable interest rates with old interest rates. You can see that the interest rates that are bold are the ones which are changes. For remaining tenures, the interest is unchanged. We have equipped our SBI FD Calculator with the new interest rates so that you can calculate accurately.
| General Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Existing Rates for Public w.e.f. 27/12/2023 | Revised Rates for Public w.e.f. 15/05/2024 | Existing Rates for Senior 27/12/2023 | Revised Rates for Senior Citizen w.e.f. 15/05/2024 |
| 7 days to 45 days | 3.50 | 3.50 | 4.00 | 4.00 |
| 46 days to 179 days | 4.75 | 5.50 | 5.25 | 6.00 |
| 180 days to 210 days | 5.75 | 6.00 | 6.25 | 6.50 |
| 211 days to less than 1 year | 6.00 | 6.25 | 6.50 | 6.75 |
| 1 Year to less than 2 years | 6.80 | 6.80 | 7.30 | 7.30 |
| 2 years to less than 3 years | 7.00 | 7.00 | 7.50 | 7.50 |
| 3 years to less than 5 years | 6.75 | 6.75 | 7.25 | 7.25 |
| 5 years and up to 10 years | 6.50 | 6.50 | 7.50* | 7.50* |
The State Bank of India (SBI) has raised its fixed deposit interest rates for certain tenures on retail deposits up to ₹2 crore. The new FD rates came into effect on May 15, 2024. SBI has increased interest rates on select tenures by 25-75 basis points, while leaving rates unchanged on other maturity buckets beyond one year. Senior citizens are eligible for an additional 50 basis points on the revised rates. SBI last hiked interest rates on FDs on December 27, 2023. Investors are advised to check the updated rates on the SBI website.