State Bank of India, the country’s largest bank, offers interest rates of up to 5.4 per cent per annum on fixed deposit accounts of less than Rs 2 crore per annum, according to its website https://www.sbi.co.in. The bank offers senior citizens 50 basis points or 0.5 percent more interest compared to the interest rate offered to the general public. For retail domestic fixed deposits of up to Rs 2 crore, SBI offers interest rates of 2.9-5.40 per cent to the general public over a maturity of seven days to 10 years, the bank said 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|
|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%|
|Less than one year to two years||5.00%||5.50%|
|Two years to three years||5.10%||5.60%|
|Three years to five years||5.30%||5.80%|
|Five years and up to 10 years||5.40%||6.20%|
Currently, SBI offers retail domestic term deposits in eight options ranging from seven days to 10 years.