SBI increases fixed deposit (FD) interest rates. Check latest rates here

New Delhi: Country’s largest bank SBI or State Bank of India has increased fixed deposit or FD rates for some select maturity periods. This move comes after rate hikes by other major banks including ICICI Bank and HDFC Bank. The revised SBI rates on retail FDs of less than Rs 1 crore are effective from today. According to the revised rates, SBI is offering 6.8% interest rate on FDs with maturity period of one to two years, as compared to 6.7% earlier. The interest rate for senior citizens also goes up to 7.30% on SBI FDs with tenure between one year and two years, from 7.2% earlier.

Similarly, SBI has hiked interest rate on FDs with maturity period between two years and three years. SBI is now offering 6.80% as compared to 6.75% earlier. The interest rate for senior citizens also goes up to 7.30% on SBI FDs with tenure between two years and three years, from 7.25% earlier.

SBI has kept interest rate unchanged for FDs with other maturity tenures. SBI offers FDs across wide spectrum of maturity, starting from seven days to 10 years.

The interest rate on SBI FDs with maturity of 7 days to 45 days remains unchanged at 5.75%. For FDs between 46 days and 179 days, the interest rate remains steady at 6.25%. Similarly, for FDs with maturity of 180 days to 210 days, the interest rate remains unchanged at 6.35%. And for 211 days to less than 1 year, the interest rate remains steady at 6.40%.

For higher maturity tenure FDs of 3 years to less than 5 years and 5 years and up to 10 years, interest rate remain unchanged at 6.80% and 6.85% respectively. SBI offers senior citizens 50 basis points additional interest rate for FDs across all tenures. FDs with minimum lock-in period of five years qualify for tax benefits under Section 80C.

If you an SBI account holder, here are two important dates to remember. SBI has been asking its account holders who have magstripe debit cards to switch to chip-based debit cards before the end of this year. SBI is replacing the cards free of cost. SBI account holders can apply online or visit their branches for the new debit card. Chip-based EMV cards come with more security features than the magstripe debit cards.

Also, if you use SBI’s internet or mobile banking facility, you have to register your mobile number with the bank by the end of this month, if not already done. If your mobile number is not registered with the bank, SBI will block or deactivate access to its internet banking facility from 1 December.