{"id":11727,"date":"2022-05-24T10:48:56","date_gmt":"2022-05-24T05:18:56","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=11727"},"modified":"2022-07-14T16:28:37","modified_gmt":"2022-07-14T10:58:37","slug":"sbi-hikes-fd-interest-rates-check-new-rates-from-may","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/","title":{"rendered":"SBI Hikes FD Interest rates: Check New Rates From May"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69e03c290ccfc\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69e03c290ccfc\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#SBI_Increases_FD_Interest_Rates_Here_Are_The_New_Rates_Effective_From_May_10\" title=\"SBI Increases FD Interest Rates; Here Are The New Rates Effective From May 10\">SBI Increases FD Interest Rates; Here Are The New Rates Effective From May 10<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#What_have_SBI_officials_said_about_the_new_move\" title=\"What have SBI officials said about the new move?\">What have SBI officials said about the new move?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#SBI_FD_Rates_2022\" title=\"SBI FD Rates 2022\">SBI FD Rates 2022<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#About_SBI_Fixed_Deposit_Interest_Rate_Calculator\" title=\"About SBI Fixed Deposit Interest Rate Calculator\">About SBI Fixed Deposit Interest Rate Calculator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#SBI_FD_Interest_Rates_for_Domestic_Bulk_Term_Deposits_that_are_INR_2_Crore_above\" title=\"SBI FD Interest Rates for Domestic Bulk Term Deposits that are INR 2 Crore &amp; above\">SBI FD Interest Rates for Domestic Bulk Term Deposits that are INR 2 Crore &amp; above<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#What_are_the_different_types_of_schemes_State_Bank_of_India_offers\" title=\"What are the different types of schemes State Bank of India offers?\">What are the different types of schemes State Bank of India offers?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Fixed_Deposit\" title=\"Fixed Deposit\">Fixed Deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Annuity_Deposit_Scheme\" title=\"Annuity Deposit Scheme\">Annuity Deposit Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Multi_Option_Deposit\" title=\"Multi Option Deposit\">Multi Option Deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#_MACAD_Motor_Accident_Claims_Annuity_Term_Deposit_Account\" title=\"\u00a0(MACAD) Motor Accident Claims Annuity (Term) Deposit Account\">\u00a0(MACAD) Motor Accident Claims Annuity (Term) Deposit Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Reinvestment_Plan\" title=\"Reinvestment Plan\">Reinvestment Plan<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#SBI_FD_Special_Features_and_Benefits\" title=\"SBI FD Special Features and Benefits\">SBI FD Special Features and Benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Eligibility_Criteria_to_open_an_SBI_FD_account\" title=\"Eligibility Criteria to open an SBI FD account\">Eligibility Criteria to open an SBI FD account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#What_are_the_documents_you_need_to_submit\" title=\"What are the documents you need to submit?&#8217;\">What are the documents you need to submit?&#8217;<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#An_Identity_Proof\" title=\"An Identity Proof\">An Identity Proof<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#An_Address_Proof\" title=\"An Address Proof\">An Address Proof<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Proof_of_Date_of_Birth\" title=\"Proof of Date of Birth\">Proof of Date of Birth<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Tax_Benefits_on_State_Bank_of_India_Fixed_Deposit\" title=\"Tax Benefits on State Bank of India Fixed Deposit\">Tax Benefits on State Bank of India Fixed Deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Open_an_Online_FD_account_with_Kuvera\" title=\"Open an Online FD account with Kuvera\">Open an Online FD account with Kuvera<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Do_premature_withdrawals_come_with_a_penalty\" title=\"Do premature withdrawals come with a penalty?\">Do premature withdrawals come with a penalty?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#When_can_I_avail_the_loan_facility_on_the_Tax_Savings_Scheme_by_SBI\" title=\"When can I avail the loan facility on the Tax Savings Scheme by SBI?\">When can I avail the loan facility on the Tax Savings Scheme by SBI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#What_will_happen_if_I_withdraw_the_FD_before_7_days\" title=\"What will happen if I withdraw the FD before 7 days?\">What will happen if I withdraw the FD before 7 days?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#If_I_fail_to_provide_maturity_instructions_what_happens\" title=\"If I fail to provide maturity instructions, what happens?\">If I fail to provide maturity instructions, what happens?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Can_I_withdraw_my_FD_balance_before_completing_the_minimum_deposit_tenure\" title=\"Can I withdraw my FD balance before completing the minimum deposit tenure?\">Can I withdraw my FD balance before completing the minimum deposit tenure?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#FD_accounts_can_be_opened_by_more_than_two_adults_jointly\" title=\"FD accounts can be opened by more than two adults jointly?\">FD accounts can be opened by more than two adults jointly?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">State Bank of India (SBI) is the largest Indian public sector bank with branches worldwide. It represents about 1\/4th of the market.\u00a0 Known for being a trustworthy bank, SBI provides various retail banking products, including fixed deposit (FD) accounts.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Due to their assured returns, FDs are the most accepted mode of investment among clients of all ages. SBI provides favorable FD interest rate held for the duration specified by the customer.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\"><img loading=\"lazy\" class=\"size-large wp-image-13417 aligncenter\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-300x98.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-768x250.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022.jpg 1080w\" alt=\"Online Fixed Deposits on Kuvera\" width=\"640\" height=\"209\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SBI_Increases_FD_Interest_Rates_Here_Are_The_New_Rates_Effective_From_May_10\"><\/span>SBI Increases FD Interest Rates; Here Are The New Rates Effective From May 10<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The State Bank of India (SBI) has increased the interest rates on several fixed deposits, which means a more significant return for depositors. According to an update on its official website, it has raised interest rates on any deposit equivalent to Rs 2 crore and above. The revised tariffs will be effective from May 10.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Also, SBI has raised bulk deposit rates by 40-90 basis points, which is effective immediately. Recently, Bajaj Financial, a non-banking finance firm, has also raised the <a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/l\/bajaj-finance-ltd\/25\">Bajaj Finance FD rates<\/a> by 10 basis points.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The hike in deposit interest rates follows the direction of the monetary policy committee (MPC). MPC raised the benchmark repo rate by 40 basis points to 4.40% in an off-cycle meeting to combat growing inflation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">SBI&#8217;s hike is 90 basis points for 5\u201310 years and 3-5 years. As a result, interest rates in these two categories have risen to 4.50%, up from 3.60% previously, according to the bank&#8217;s website.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Bulk deposits with maturities ranging from two to three years have been raised by 65 basis points to 4.25%, up from 3.60%. Furthermore, bulk deposits with 46 \u2013 179 days and 180 \u2013 210 days will earn an interest rate of 3.50%, up from 3 and 3.10% before. Similarly, deposits with maturities ranging from 211 days to less than a year will earn 3.75%.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_have_SBI_officials_said_about_the_new_move\"><\/span>What have SBI officials said about the new move?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A top SBI executive commenting on the increase in bulk deposit rates said that it is in line with the rise in the policy repo rate. He added that there is unmistakable evidence that liquidity in the system is declining over time. The deposit rate rise on bulk money is a precautionary measure to avoid resource issues in the coming months.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Bulk counters have re-entered the market, and the system has been loaded with capital for the last two years,&#8221; the executive continued.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Before the MPC rate rise, interest rates were at their lowest point, resulting in negative actual returns for savers, with inflation hovering around 6%. The increase in deposit rates is a pleasant move for savers.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Incidentally, SBI raised its marginal cost-based lending rate (MCLR) by 10 basis points before the MPC&#8217;s repo rate rose. Following the MPC decision, Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Punjab National Bank, and Union Bank of India boosted interest rates on <a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/bankFD\">bank fixed deposits<\/a> across different tenure baskets for retail clients.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Bajaj Finance increased interest rates by up to 10 basis points on fixed deposits (up to Rs 5 crore) with maturities ranging from 36 to 60 months, beginning May 10. The increased interest rates will apply to both new deposits and renewals of maturing deposits. As a result, deposits held for 36 to 60 months will earn a 7% return. Deposits between 12 and 23 months will receive 5.75% interest, while deposits between 24 and 35 months will make 6.40% interest, as was previously the case.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"SBI_FD_Rates_2022\"><\/span>SBI FD Rates 2022<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">FDs with maturities ranging from 46 to 149 days will earn 50 basis points more under the revised rates. The interest rate on deposits of more than a year but less than two years has been raised by 40 basis points. 65 basis points have increased the interest rate on deposits maturing in two to three years.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The increase in FD is sharper for 3 to 5 years and 5 to 10 years. People will now receive interest at 4.5 percent, up from 3.6 percent previously.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Several banks are raising interest rates after the Reserve Bank of India (RBI) raised the repo rate by 40 basis points to an impressive 4.4% last week. A primary reason for doing so is to combat India&#8217;s growing inflation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"About_SBI_Fixed_Deposit_Interest_Rate_Calculator\"><\/span>About SBI Fixed Deposit Interest Rate Calculator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The SBI Fixed Deposit calculator is a simple tool for quickly calculating the maturity amount and the interest receivable after the policy period. You can determine the right FD amount by inputting some basic information. The following are the procedures that an investor must take to compute Fixed Deposit rates using the FD Calculator:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The money invested<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The offered interest rate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Fixed Deposit Account&#8217;s duration<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The compounding period might be annual, semi-annual, quarterly, or monthly.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The FD Amount\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">An investor will understand the following after entering the following information:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The FD&#8217;s maturity value<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The total interest earned during the whole term<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SBI_FD_Interest_Rates_for_Domestic_Bulk_Term_Deposits_that_are_INR_2_Crore_above\"><\/span>SBI FD Interest Rates for Domestic Bulk Term Deposits that are INR 2 Crore &amp; above<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" rowspan=\"2\"><strong>Maturity Period<\/strong><\/td>\n<td style=\"text-align: center;\" rowspan=\"2\"><strong>Deposit Amount (Rs.)<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Interest Rate (p.a.)\u00a0<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Interest Rate (p.a.)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><strong>General<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Senior Citizen<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7 days to 45 days<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 crore and more<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.00%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.50%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">46 days to 179 days<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 crore and more<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.50%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.00%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">180 days to 210 days<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 crore and more<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.50%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.00%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">211 days to less than 1 year<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 crore and more<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.75%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.25%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1 year to below 2 years<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 crore and more<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.00%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.50%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 years to below 3 years<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 crore and more<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.25%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.75%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3 years to below 5 years<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 crore and more<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.50%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">5.00%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">5 years &amp; up to ten years<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2 crore and more<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.50%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">5.00%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>The SBI FD interest rates 2022 for senior citizens are 50 basis points higher than the standard interest rates for all periods.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_different_types_of_schemes_State_Bank_of_India_offers\"><\/span>What are the different types of schemes State Bank of India offers?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Fixed_Deposit\"><\/span>Fixed Deposit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Deposit a large sum in this account to access features such as variable interest payment options, assured returns, liquidity, and early withdrawal. The lowest deposit term is seven days, and the maximum deposit tenure is ten years. The deposit must be at least Rs.1,000. Senior persons can get 0.25% more on promises over Rs.10,000.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Annuity_Deposit_Scheme\"><\/span>Annuity Deposit Scheme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This account permits you to deposit the entire amount and receive it in equivalent periodic payments (EMIs). A portion of the principal is returned with interest on the diminishing principal amount. The interest is compounded quarterly and subsidized to the monthly amount.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The deposit duration might be 36, 60, 84, or 120 months. You must deposit so that the minimum monthly payout for the specified period is Rs.1,000. In addition, the minimum deposit must be less than Rs.25,000.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Multi_Option_Deposit\"><\/span>Multi Option Deposit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Your savings or current account is connected to this kind of FD. You can withdraw money from this account in Rs.1,000 installments as necessary. The account balance will continue to collect interest at the initial rate. You can pick a term ranging from one to five years. The minimum deposit amount is Rs.10,000.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"_MACAD_Motor_Accident_Claims_Annuity_Term_Deposit_Account\"><\/span>\u00a0(MACAD) Motor Accident Claims Annuity (Term) Deposit Account<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0The account is created to transfer the compensation awarded by the court or tribunal to car accident victims\/claimants. The bank will give the credited amount to the victims\/claimants in monthly annuity payments, including a fraction of the principal amount plus interest.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">For the stated period, the minimum monthly payout is Rs.1,000. According to the court\/tribunal, the term might range from 36 months to 216 months.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Reinvestment_Plan\"><\/span>Reinvestment Plan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Unlike other plans, the interest generated on this account will only be given upon maturity rather than every month. Interest is paid back to the principle, and compound interest is computed and paid on top of it.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Deposit terms might range from 6 months to 10 years. SBI classifies any deposit above INR 1 crore deposit as bulk deposits.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SBI_FD_Special_Features_and_Benefits\"><\/span>SBI FD Special Features and Benefits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You need to fulfill a minimum deposit tenure of 7 days to open an FD account. An FD account has a maximum deposit duration of ten years.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SBI will accept any deposit of the value of Rs.1,000 or above.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You may open an FD account online or go to your local SBI bank.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Get low-interest rates on all maturities and schemes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Get low-interest rates on all terms and plans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Senior adults over the age of 60, SBI employees, and SBI pensioners are all entitled to higher interest rates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There is a nomination option available.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Transfer the account between SBI branches.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest might be paid monthly, quarterly, half-annually, yearly, or at maturity, depending on the plan.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_to_open_an_SBI_FD_account\"><\/span>Eligibility Criteria to open an SBI FD account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Account ownership is held only by residents.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Two residents can share account ownership.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minors with the approval of their parents\/guardians or simply Karta of Hindu Undivided Families (HUFs)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Organizations and firms<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Local governments and any government agency<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_documents_you_need_to_submit\"><\/span>What are the documents you need to submit?&#8217;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"An_Identity_Proof\"><\/span>An Identity Proof<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PAN card<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Aadhaar card<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Passport<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Voter ID card<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your Driver&#8217;s license<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"An_Address_Proof\"><\/span>An Address Proof<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-weight: 400;\">a) Your Aadhaar card<\/span><\/li>\n<li><span style=\"font-weight: 400;\">b) Bank statement with a cheque<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Proof_of_Date_of_Birth\"><\/span>Proof of Date of Birth<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-weight: 400;\">Service discharge certificate<\/span><\/li>\n<li><span style=\"font-weight: 400;\">PAN card<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Aadhaar card<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Voter ID<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tax_Benefits_on_State_Bank_of_India_Fixed_Deposit\"><\/span>Tax Benefits on State Bank of India Fixed Deposit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The State Bank of India provides the &#8216;SBI Tax Savings Scheme, 2006,&#8217; with a minimum deposit of Rs.1,000 and subsequent deposits in multiples of Rs.100. The account allows for a maximum deposit of Rs.1.5 lakh. Although the account has a 5-year lock-in term, it can have a duration of up to 10-years. If you deposit money into this account, you will get income tax advantages under Section 80C of the Income Tax Act of 1961.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Senior citizens receive an extra 0.5 percent interest rate on the applicable rate. Similarly, SBI employees and pensioners are liable to a 1% surcharge at the appropriate rate.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Also, the bank will deduct tax at the source depending on the interest you gain on FD accounts throughout the bank&#8217;s locations. You will be charged TDS at a rate of 10%. Due to the pandemic, it has been cut to 7.5 percent between May 2020 and March 2021. If your annual income is lower than the basic exemption level, you can request your bank not to deduct tax at source after submitting Form 15G\/15H.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Open_an_Online_FD_account_with_Kuvera\"><\/span>Open an Online FD account with Kuvera<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You can choose any FD using your primary bank account associated with <\/span><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all?utm_source=Blog&amp;utm_medium=Blog&amp;utm_campaign=Online%20FD\"><span style=\"font-weight: 400;\">Kuvera.\u00a0<\/span><\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">At Kuvera, you can check the tenure, investment amount, and interest rate of every FD account before investing.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Kuvera has a line-up of the top FDs accounts and we will always update more lucrative options to this list.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You can also avail 7.2% interest rate when you open an online FD Account with your current Savings Account at Kuvera.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Frequently Asked Questions<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Do_premature_withdrawals_come_with_a_penalty\"><\/span>Do premature withdrawals come with a penalty?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Premature withdrawals are usually subject to a penalty. For payments up to Rs.5 lakh, a 0.50 percent penalty would be levied for all tenures. Whereas, for deposits between Rs.5 lakh and Rs.1 crore on all terms 1% penalty is imposed.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"When_can_I_avail_the_loan_facility_on_the_Tax_Savings_Scheme_by_SBI\"><\/span>When can I avail the loan facility on the Tax Savings Scheme by SBI?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Upon completing the lock-in period of five years, you can get the loan facility on the SBI Tax Savings Scheme, 2006. This is also subject to the extant instruction of the term deposit.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"What_will_happen_if_I_withdraw_the_FD_before_7_days\"><\/span>What will happen if I withdraw the FD before 7 days?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The minimum deposit tenure you have to adhere to is 7 days. If you withdraw before that, the interest for such a deposit will not be paid.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"If_I_fail_to_provide_maturity_instructions_what_happens\"><\/span>If I fail to provide maturity instructions, what happens?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The account will automatically renew if maturity instructions are not provided while opening an FD account.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Can_I_withdraw_my_FD_balance_before_completing_the_minimum_deposit_tenure\"><\/span>Can I withdraw my FD balance before completing the minimum deposit tenure?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You won&#8217;t receive interest on the FD balance if you withdraw it before completing the 7-day minimum deposit tenure.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"FD_accounts_can_be_opened_by_more_than_two_adults_jointly\"><\/span>FD accounts can be opened by more than two adults jointly?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Only two adults or one adult and one minor may open an FD account jointly by the bank&#8217;s rules. No other combination is allowed.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Watch\/hear on YouTube:<\/p>\n<p><iframe loading=\"lazy\" title=\"Kuvera Insights\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/videoseries?list=PLDSzQdT9nLmCysU31bg4Ngh7WY2p3UiiI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <strong><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a><\/strong> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai #KuveraSabseSahiHai!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>State Bank of India (SBI) is the largest Indian public sector bank with branches worldwide. It represents about 1\/4th of the market.\u00a0 Known for being a trustworthy bank, SBI provides various retail banking products, including fixed deposit (FD) accounts. &nbsp; Due to their assured returns, FDs are the most accepted mode of investment among clients [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/sbi-hikes-fd-interest-rates-check-new-rates-from-may\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":11738,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[543,99],"tags":[811,544,549,812],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SBI Hike&#039;s Fixed Deposit Interest Rates: Check New Rates From Kuvera<\/title>\n<meta name=\"description\" content=\"As Per SBI Website, they have increased the interest 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