SBI hikes bulk FD rates by up to 75 bps; senior citizens earn as high as 7.25%

The interest rates vary from tenure to tenure.

General category:

The highest hike of 75 bps is given on FDs having 2 years to less than 3 years tenure to 6.50% from the previous 5.75%.

While SBI hikes interest rate by 50 bps for 5 years and up to 10 years to 6% from the previous 5.5%. Similarly, a 50 bps hike each is given on 211 days to less than 1-year tenure to 6.25% from the previous rate of 5.75%.

On 180 days to 210 days tenure, the rate is hiked by 50 bps to 6% from the previous 5.5%.

As well, on 46 days to 179 days, the rate is hiked to 5.50% from the previous 5%; and on 7 days to 45 days tenure to 4.75% from the earlier 4.25%.

The highest hike of 75 bps is given on FDs having 2 years to less than 3 years tenure to 6.50% from the previous 5.75%.

While SBI hikes interest rates by 50 bps for 5 years and up to 10 years to 6% from the previous 5.5%. Similarly, a 50 bps hike each is given on 211 days to less than 1-year tenure to 6.25% from the previous rate of 5.75%.

On 180 days to 210 days tenure, the rate is hiked by 50 bps to 6% from the previous 5.5%.

As well, on 46 days to 179 days, the rate is hiked to 5.50% from the previous 5%; and on 7 days to 45 days tenure to 4.75% from the earlier 4.25%.

On the other hand, SBI has hiked rates by 25 bps each on 1 Year to less than 2-year tenure to 6.75% from the previous 6.50%; and on 3 years to less than 5 years tenure to 6% from the earlier 5.75%.

Senior citizens bulk FD rates:

Just like the general category, a 75 bps hike is given on 2 years to less than 3 years tenure to senior citizens with the rate coming up to 7% from the earlier 6.25%.

However, the highest rate senior citizens could earn would be 7.25% on FDs maturing for 1 Year to less than 2 years compared to the previous 7% — a hike of 25 bps.

Meanwhile, SBI is giving a 6.50% rate on 3 years to less than 5 years tenure, up by 25 bps from the previous 6.25%.

Also, 6.50% is offered on the highest tenure of 5 years and up to 10 years — a hike of 50 bps from the previous rate of 6%.

FDs maturing less than 1-year tenures have also received a 50 bps hike. SBI is giving a 6.75% rate on 211 days to less than 1-year tenure from the earlier 6.25%.

Furthermore, the rate is 6.50% on 180 days to 210 days from the previous 6%; at 6% on 46 days to 179 days tenure from the earlier 5.50%; and at 5.25% on 7 days to 45 days tenure as against the previous 4.75%.

Notably, SBI on its website has mentioned that the premature penalty for bulk term deposits for all tenures will be 1%. It will be applicable for all new deposits including renewals.