This Article is From Nov 30, 2020

SBI Pays These Annual Returns On Fixed Deposits

India's Largest Bank Pays These Annual Returns On Fixed Deposits

SBI Pays These Annual Returns On Fixed Deposits

State Bank of India (SBI) retail fixed deposits are available in eight options of maturity period.

State Bank of India (SBI) - the country's largest lender by assets - currently provides eight maturity options for retail fixed deposits, or fixed deposits up to Rs 2 crore. Also known as lock-in period, the maturity period starts at seven days and extends to as long as 10 years. Currently, SBI provides interest rates to the tune of 3.4-6.2 per cent to senior citizens, and 2.9-5.4 per cent to other depositors, on retail FDs. Commercial banks such as SBI revise interest rates applicable to fixed deposits from time to time, to align them with benchmark rates. 

State Bank of India (SBI) currently provides these annual returns on retail fixed deposits (FDs):

SBI Fixed Deposit Rates

Maturity PeriodInterest Rate With Effect From September 10
PublicSenior citizen
Seven days to 45 days2.9%3.4%
46 days to 179 days3.9%4.4%
180 days to 210 days4.4%4.9%
211 days to less than one year4.4%4.9%
One year to less than two years4.9%5.4%
Two years to less than three years5.1%5.6%
Three years to less than five years5.3%5.8%
Five years and up to 10 years5.4%6.2%

(Also Read: Up To 8.2% Annual Return On Fixed Deposit? Read This)

This year, the Reserve Bank of India (RBI) has reduced the repo rate - or the key interest rate at which it lends money to banks - by a total of 115 basis points since February, on top of 135 basis points last year. This has also forced banks to lower their FD rates.