SBI raises FD interest rates by up to 75 basis points

The largest PSB SBI has raised interest rates on certain fixed deposits (FDs) by up to 25-75 basis points or 0.25%-0.75%. The rate adjustments target deposits below Rs 2 crore.

SBI has increased rates across various tenures, including FDs maturing within 46 days to 179 days, 180 days to 210 days, and 211 days to less than 1 year.

The revised rates encompasses hike of 75 basis points (bps) for deposits maturing in 46 days to 179 days, with 5.50% interest rate. Similarly, for 180 days to 210 days, the bank has raised rates by 25 bps to 6% interest.

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Fixed Deposits ranging from 180 days to 210 days will yield an increased interest rate of 6.25% after a 25 bps hike.

This came after RBI Governor Shaktikanta Das-led monetary policy committee (MPC) in April 2024 kept the repo rate unchanged for the seventh time at 6.5%.

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