Many individuals seeking stable returns without risk invest in fixed deposits. Several non-banking financial institutions, including banks and post offices, offer fixed deposits.
However, most people prefer to invest in well-established banks like the State Bank of India (SBI). Before depositing your money in SBI, you should know a few things.
SBI has recently revised its fixed deposit interest rates. You can maximize your profits by selecting a maturity tenure that suits you and offers more interest. Let’s find out what the current interest rates are at SBI.
Interest rates on bank deposits fluctuate over time. Deposits with shorter tenures yield lower interest, while long-term deposits offer higher interest rates.
Currently, SBI offers maximum interest rates through schemes such as Amrit Kalash, Amrit Vrishti, and Senior Citizen FD.
It’s essential to choose the right option for you and invest your money wisely. SBI offers favorable interest rates on retail term deposits below Rs.3 crore.
SBI Latest FD Interest Rates
The State Bank of India is currently offering the following interest rates for fixed deposits:
- For 7 to 45 days: 3.50% for general customers and 4% for senior citizens.
- For 46 to 179 days: 5.50% for general customers and 6% for senior citizens.
- For 180 days to 210 days: 6.25% for general customers and 6.75% for senior citizens.
- For 211 days to less than 1 year: 6.50% for general customers and 7% for senior citizens.
- For 1 year to less than 2 years: 6.80% for general customers and 7.30% for senior citizens.
- For 2 to less than 3 years: 7% for general customers and 7.50% for senior citizens.
- For 3 to less than 5 years: 6.75% for general customers and 7.25% for senior citizens.
- For 5 to 10 years: 6.50% for general customers and 7.50% for senior citizens.
- Additionally, the special 400-day scheme “Amrit Kalash” offers 7.10% interest for general customers and 7.60% for senior citizens.