New Delhi: When it comes to securing your financial future, the State Bank of India (SBI) has your back with its enticing Fixed Deposit (FD) rates. Tailored for tenures spanning from 7 days to a decade, these FDs come loaded with attractive features and benefits.
SBI offers FD interest rates ranging from 3.5 percent to 6.5 percent per annum for the general public. But if you’re a senior citizen, the perks get even better, with rates going from 4 percent to an impressive 7.5 percent per annum. (Also Read: Tax-Saving FDs With Lucrative Returns: Compare Fixed Deposit Rates Of Major Banks Here)
SBI WeCare Deposit Scheme
Senior citizens get an additional 50 basis points (bps) premium under the “SBI WeCare” deposit scheme, sweetening the deal for those looking to maximize their returns. (Also Read: Swiggy To Announce 2nd Round Of Layoffs Amid Cost-Cutting Measures)
Current Interest Rates For Domestic Term Deposits Below Rs 2 Crore
Let’s break down the interest rates for domestic term deposits of less than Rs 2 crore, effective from December 27, 2023.
7 days to 45 days: If you’re a regular customer, you get an interest rate of 3.5 percent, but if you’re a senior citizen, it’s a bit higher at 4 percent.
46 days to 179 days: For the public, the interest rate goes up to 4.75 percent, and for senior citizens, it’s 5.25 percent.
180 days to 210 days: If you go for this duration, you’ll get 5.75 percent interest if you’re a regular customer and 6.25 percent if you’re a senior citizen.
211 days to less than 1 year: Regular customers get 6 percent, but senior citizens get a little extra at 6.5 percent.
1 Year to less than 2 years: Regular customers enjoy an interest rate of 6.8 percent, while senior citizens get a higher rate of 7.3 percent.
2 years to less than 3 years: Opting for this tenure? Regular customers receive an interest rate of 7 percent, and senior citizens get 7.5 percent.
3 years to less than 5 years: For regular customers, the interest rate is 6.75 percent, and for senior citizens, it’s 7.25 percent.
5 years and up to 10 years: Planning for the long term? Regular customers get 6.5 percent, and senior citizens enjoy a higher rate at 7.5 percent.
(Interest rates mentioned above are effective from December 27, 2023.)