SBI FD Interest Rate 2022: The country’s largest lender, State Bank of India (SBI), revised interest rates on term deposits also known as fixed deposits last month. SBI increased interest rate on fixed deposits by 15 basis points or 0.15 per cent for fixed deposits starting from 1 year to less than 2 years to 5 years and up to 10 years. The revision in FD rates comes after the Reserve Bank of India (RBI) increased repo rate by 50 basis points.
The interest rate payable to SBI Staff and SBI pensioners is 1.00 per cent above the applicable rate to general public. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above are 0.50 per cent higher than the rate payable for all tenors to general public, SBI said on its website sbi.co.in.
The RBI increased repo rate by 50 basis points to tame the spiralling inflation which has been above its tolerance level off 6 per cent for quite some time now.
| Tenors | Existing Rates w.e.f. 14.06.2022 | Revised Rates w.e.f. 13.08.2022 | Existing Rates for Senior Citizens w.e.f. 14.06.2022 | Revised Rates for Senior Citizens w.e.f. 13.08.2022 |
| 7 days to 45 days | 2.90 | 2.90 | 3.40 | 3.40 |
| 46 days to 179 days | 3.90 | 3.90 | 4.40 | 4.40 |
| 180 days to 210 days | 4.40 | 4.55 | 4.90 | 5.05 |
| 211 days to less than 1 year | 4.60 | 4.60 | 5.10 | 5.10 |
| 1 year to less than 2 year | 5.30 | 5.45 | 5.80 | 5.95 |
| 2 years to less than 3 years | 5.35 | 5.50 | 5.85 | 6.00 |
| 3 years to less than 5 years | 5.45 | 5.60 | 5.95 | 6.10 |
| 5 years and up to 10 years | 5.50 | 5.65 | 6.30 | 6.45 |
Source: SBI
With this development, the benchmark lending rate has crossed the pre-pandemic level of 5.15 per cent.
Notably the RBI MPC raised the key repo rates by 40 basis points and 50 basis points in May and June this year, respectively. Meanwhile, the experts were anticipating a rate hike by 25 basis points to 35 basis points.
