The State Bank of India (SBI) on Wednesday (May 15) increased interest rates on specific fixed deposits (FDs) by 25-75 basis points or 0.25%-0.75%.

The revised rates apply to retail deposits under Rs. 2 crore as well as for bulk deposits of Rs. 2 crore and above.

SBI has raised the rates across multiple tenors, including FDs maturing (under Rs. 2 crore) within 46 days to 179 days, 180 days to 210 days, and 211 days to less than a year.

The updated rates include a 75 basis point (bps) increase for deposits maturing in 46 to 179 days, which is now paying 5.50% interest. Similarly, from 180 to 210 days, the bank has increased interest rates by 25 basis points to 6%.

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Fixed deposits ranging from 211 to less than a year will yield an improved interest rate of 6.25% following a 25 basis point boost.

Here’s the latest Fixed Deposit Rates for Retail deposits (Below Rs. 2 Crore)

Image Source: SBI Website

SBI has also raised the rates ofFDs above Rs. 2 crore and above within 7 days to 45 days, 46 days to 179 days, 180 days to 210, 1 year to less than 2 years, and 2 years to less than 3 years.

Here’s the latest Fixed Deposit Rates for Bulk deposits (Rs. 2 crore and above)

Image Source: SBI Website

The bank has raised interest rates on bulk deposits by 25 basis points for terms ranging from 7 to 45 days, increasing the rate from 5% to 5.25% for regular people.

The bank boosted the interest rate for senior citizens from 5.50% to 5.75% over the same time.

For regular citizens, the bank has raised rates by 50 basis points, from 5.75% to 6.25% on tenors ranging from 46 to 179 days.

For elderly citizens, the bank has raised the rate from 6.25% to 6.75% during the same period.

Also Read: Fixed Deposit Guarantee: What happens when the bank collapses

The bank increased the rate for 180 days to 210 days for general citizens by 10 basis points, from 6.50% to 6.60%, and from 7% to 7.10% for senior citizens.

The fixed deposit interest rate has been raised by 20 basis points from 6.80% to 7% for tenors of 1 year to less than 2 years.

For tenors of 2 to 3 years, the bank has raised the rate from 6.75% to 7% for general citizens, and from 7.25% to 7.50% for senior citizens.

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Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered investment advisor before investing.