Good News! SBI hikes deposit rates after HDFC Bank and Kotak Mahindra Bank

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State Bank of India, the country’s biggest lender, has increased its interest rates on fixed deposits for tenure of 1 year to less than 2 years by 10 basis points to 5.1% from 5%.

The new rate is effective from January 15, 2022.

The revised interest rate is applicable for deposits below Rs 2 crore.

Senior citizens will now earn 5.6%, up from 5.5% earlier.

The rate hike comes after private sectors lender HDFC Bank and Kotak Mahindra Bank raised their deposit rates recently.

The state run bank has kept interest rates on FD of other tenure unchanged at current rates.

Following are the interest rates on Fixed Deposits below Rs 2 crore of SBI:

Tenure Interest Rates for Regular Customers Interest Rates for Senior Citizens
7 days to 45 days 2.90% 3.40%
46 days to 179 days 3.90% 4.40%
180 days to 210 days 4.40% 4.90%
211 days to less than 1 year 4.40% 4.90%
1 year to less than 2 years 5.10% 5.60%
2 years to less than 3 years 5.10% 5.60%
3 years to less than 5 years 5.30% 5.80%
5 years and up to 10 years 5.40% 6.20%