A week after the Reserve Bank of India raised repo rates for the second time in a row, State Bank of India raised fixed deposit interest rates by up to 20 basis points.
According to the SBI, the revised interest rates will now apply to new deposits as well as renewals of maturing deposits.
Revision in Interest Rates On Retail Domestic Term Deposits (Below Rs. 2 Crore) Interest rates revised w.e.f. 14.06.2022
SBI Fixed Deposit Interest Rate – Jun 2022
| Period | Interest Rate | Senior Citizen | Impact |
|---|---|---|---|
| 7 days to 45 days | 2.90% | 3.40% | No change |
| 46 days to 179 days | 3.90% | 4.40% | No change |
| 180 days to 210 days | 4.40% | 4.90% | No change |
| 211 days to less than 1 year | 4.60% | 5.10% | 0.20% increase |
| 1 year to less than 2 years | 5.30% | 5.80% | 0.20% increase |
| 2 years to less than 3 years | 5.35% | 5.85% | 0.15% increase |
| 3 years to less than 5 years | 5.45% | 5.95% | No change |
| 5 years to less than 10 years | 5.50% | 6.30% | No change |
SBI Wecare Deposit Scheme – extended to Sep., 2022
A special “SBI Wecare” deposit for senior citizens has been introduced in the retail TD segment, where an additional premium of 30 bps (over and above the existing 50 bps as detailed in the above table) will be paid to senior citizens on their retail TD for ‘5 years and above’ tenor only.
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The “SBI Wecare” deposit scheme has been extended until September 30, 2022.
SBI Employee & SBI Pensioners- Interest Rate 2022
The interest rate payable to SBI employees and SBI pensioners will be 1.00% above the applicable rate.
All senior citizens and SBI pensioners aged 60 and above will pay 0.50 percent more than resident Indian senior citizens for all tenors, i.e., SBI resident Indian Senior Citizen Pensioners will receive both staff (1%) and resident Indian senior citizens benefits.
SBI Tax Saving Scheme & NRO
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “SBI Tax Savings Scheme 2006 (SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. Staff NRO deposits, however, are not eligible for the additional 1% interest rate that is otherwise applicable to staff domestic retail deposits; however, these interest rates will be made applicable to domestic term deposits from cooperative banks.
