Interest rates

SBI Raises Interest Rates on Term Deposits (Wef 10.05.2022)

SBI Domestic Bulk Term Deposit Rates for Regular Clients

The bank is now offering a regular interest rate of 3.00% on domestic bulk term deposits of Rs. 2 crores and above maturing in 7 to 45 days. The bank previously offered a 3% interest rate on deposits maturing between 46 and 179 days, but it will now be 3.5%, an increase of 50 basis points. The interest rate on deposits maturing in 180 days to 210 days was raised by 40 basis points, from 3.1% to 3.5%.

The interest rate on term deposits maturing in 211 days to less than one year was raised by 45 basis points, from 3.3% to 3.75%. SBI raised the interest rate on deposits maturing in one year to less than two years from 3.6% to 4%, an increase of 40 basis points.

On deposits maturing in two years to less than three years, the bank now offers a rate of 4.25%, against 3.6% previously, an increase of 65 basis points. The bank raised the interest rate on deposits maturing in 3 years to less than 5 years and 5 years and up to 10 years from 3.6% to 4.5% for the general public respectively.

Tenors Existing Rates For Public wef 10.03.2022 Revised rates for the public wef 10.05.2022
7 days to 45 days 3 3
46 days to 179 days 3 3.5
180 days to 210 days 3.1 3.5
211 days to less than 1 year 3.3 3.75
1 year to less than 2 years 3.6 4
2 years to less than 3 years 3.6 4.25
3 years to less than 5 years 3.6 4.5
5 years and up to 10 years 3.6 4.5
Source: Bank website
SBI Domestic Bulk Term Deposit Rates for Senior Citizens

SBI Domestic Bulk Term Deposit Rates for Senior Citizens

Seniors could benefit from an additional rate of 0.50% on top of the regular rate. They will get the following interest rates as a result of SBI’s interest rate change today.

Tenors Rates in effect for seniors from 10.03.2022 Revised rates for seniors wef 10.05.2022
7 days to 45 days 3.5 3.5
46 days to 179 days 3.5 4
180 days to 210 days 3.6 4
211 days to less than 1 year 3.8 4.25
1 year to less than 2 years 4.1 4.5
2 years to less than 3 years 4.1 4.75
3 years to less than 5 years 4.1 5
5 years and up to 10 years 4.1 5
Source: Bank website
SBI Note

SBI Note

SBI mentioned on its website that “the revised interest rates will be applicable to new deposits and renewals of deposits reaching maturity. Interest rates on NRO term deposits will be aligned with national term deposit rates These interest rates will also apply to national time deposits of cooperative banks.”

The SBI will impose a 1% premature withdrawal penalty for all tenors on domestic bulk deposits of Rs 2 Cr and above, which would apply to all fresh deposits as well as renewal deposits.