SBI offers an additional interest of 50 basis points to senior citizens.
State Bank of India, the country’s largest bank, offers annual interest rate of up to maximum of 5.4 per cent on fixed deposits accounts below Rs 2 crore to general public, according its website https://www.sbi.co.in. The bank offers an additional interest of 50 basis points or 0.5 per cent to senior citizens compared to the interest rate offered to general public. For retail domestic fixed deposits up to Rs 2 crore, SBI pays interest rates in the range of 2.9-5.40 per cent to the general public over a maturity period of seven days to 10 years, the bank stated on its website. The lender last revised its FD interest rates on January 8, 2020.
Below Are The Interest Rates Offered By Sbi On Fixed Deposits Below Rs 2 Crore:
| Maturity period | Revised interest rate | |
|---|---|---|
| Public | Senior citizen | |
| Seven 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 one year | 4.40% | 4.90% |
| One year to less than two years | 5.00% | 5.50% |
| Two years to less than three years | 5.10% | 5.60% |
| Three years to less than five years | 5.30% | 5.80% |
| Five years and up to 10 years | 5.40% | 6.20% |
Source: https://www.sbi.co.in/
Currently, SBI offers retail domestic term deposits in eight options of terms, ranging from seven days to 10 years.
