State Bank of India has finally revised the new Fixed deposit rates for their customers. Today in this article we’ll get the complete insight about how SBI has revised these rates and how it will benefit the customers. Yeh State Bank of India is the largest commercial bank in India. This public sector bank is the primary banking partner to millions of Indians like every bank. SBI also provides a range of services to its customers and one such service is the SBI FD or Fixed deposit services. Today SBI has finally revised the rates of Interest on Fixed deposit. This is great news for all the FD Holders in SBI. Furthermore the SBI has increased the rate of interest across all customer segments providing benefits to every possible client. So let’s see what FD is and how the SBI’s revision on rate of interest of Fixed deposit will benefit you.
What is a Fixed deposit ?
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Fixed deposit also called term deposit or time deposit is one of the safest investment options that is available on the market right now. In the FD options clients park their surplus amount with the bank with a lock in Period as per their need. Usually the lock-in period of the Fixed deposit is 5 to 10 years or more. However some banks including SBI also provide a smaller lock in period of 7 to 45 days based on the needs of the customer. However, to experience some real gains it is important that you park your funds for at least 5 to 10 years. This is because every bank proviya fixed rate of annual interest on the FD’s which then accumulates in your account and compounds over the years. Furthermore banks like State Bank of India provide a high rate of interest for Fixed deposits of longer period. So if you park your funds for a long time you’ll experience some steady and hefty gains on your principal amount.
Furthermore you should also know that senior citizens receive High rate of interest on their Fixed deposits with SBI as compared to normal Citizens. Banks take this step to provide them a smooth and secure future in their golden years. As in the case of elderly citizens the interest is usually not added in the principal amount but transferred to their personal savings accounts on a monthly basis so that they can live a good life even after retirement.
Last revision by SBI in Fixed Deposit rates in 2023
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The last revision done by SBI in the interest rates of the fixed deposit was in December 2023. At that time also there was a significant increase in the rate of interest provided by SBI on Fixed deposits to the various categories. However one thing to note is that senior citizens always receive High rate of interest as compared to normal citizens. Below is the complete list of December 2023 interest rates on Fixed deposits by SBI
Rate of interest in Fixed deposit of Duration 7 to 45 days for general people – 3.50
Rate of interest in Fixed deposit of Duration 7 to 45 days for Senior Citizens- 3.50 %
Rate of interest in Fixed deposit of Duration 7 to 45 days for general people – 4.00 %
Rate of interest in Fixed deposit of Duration 46 to 179 days for general people – 4.75%
Rate of interest in Fixed deposit of Duration 49 to 179 days for Senior Citizens- 5.25%
Rate of interest in Fixed deposit of Duration 180 to 210 days for general people – 5.75
Rate of interest in Fixed deposit of Duration 180 to 210 days for senior citizens- 5.75
Rate of interest in Fixed deposit of Duration 211 days to 1 year for general people – 6.00%
Rate of interest in Fixed deposit of Duration 211 days to 1 year for Senior Citizens- 6.50 %
Rate of interest in Fixed deposit of Duration 1 to 2 years for general people – 6.80%
Rate of interest in Fixed deposit of Duration 1Â to 2 years for senior citizens- 7.30%
Rate of interest in Fixed deposit of Duration 2 to 3 years for general people – 7%
Rate of interest in Fixed deposit of Duration 2 to 3 years for senior citizens- 7.50 %
Rate of interest in Fixed deposit of Duration 3 to 5 years for general people – 6.75%
Rate of interest in Fixed deposit of Duration 3 to 5 year for senior citizens- 7.25%
Rate of interest in Fixed deposit of Duration 5 to 10 years for general people – 7%
Rate of interest in Fixed deposit of Duration 5 to 10Â year for senior citizens- 7.50%
SBI Fixed deposit interest rates revision May 2024
After five months SBI has finally decided to revise the interest rates for fixed deposits for their customers. Now this will definitely benefit all the FD customers of State Bank of India. However one thing to note is that the interest rates released by SBI doesn’t have any changes in long term FD. So we might see changes in these interest rates soon in future. Below is the complete list of the new Fixed deposit interest rates released by SBI.
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Rate of interest in Fixed deposit of Duration 7 to 45 days for general people – 3.50
Rate of interest in Fixed deposit of Duration 7 to 45 days for Senior Citizens- 3.50 %
Rate of interest in Fixed deposit of Duration 7 to 45 days for general people – 5.50 %
Rate of interest in Fixed deposit of Duration 46 to 179 days for general people – 6.00%
Rate of interest in Fixed deposit of Duration 49 to 179 days for Senior Citizens- 6.00%
Rate of interest in Fixed deposit of Duration 180 to 210 days for general people – 6.50%
Rate of interest in Fixed deposit of Duration 180 to 210 days for senior citizens- 6.25%
Rate of interest in Fixed deposit of Duration 211 days to 1 year for general people – 6.75%
Rate of interest in Fixed deposit of Duration 211 days to 1 year for Senior Citizens- 6.50 %
Rate of interest in Fixed deposit of Duration 1 to 2 years for general people – 6.80%
Rate of interest in Fixed deposit of Duration 1Â to 2 years for senior citizens- 7.30%
Rate of interest in Fixed deposit of Duration 2 to 3 years for general people – 7%
Rate of interest in Fixed deposit of Duration 2 to 3 years for senior citizens- 7.50 %
Rate of interest in Fixed deposit of Duration 3 to 5 years for general people – 6.75%
Rate of interest in Fixed deposit of Duration 3 to 5 year for senior citizens- 7.25%
Rate of interest in Fixed deposit of Duration 5 to 10 years for general people – 7%
Rate of interest in Fixed deposit of Duration 5 to 10Â year for senior citizens- 7.50%
So these are new interest rates released by the State Bank of India for their Fixed deposit customers. We hope that you have found all the necessary information that you needed and you’ll make the informed choice when it comes to financial decisions.