The State Bank of India (SBI) revised fixed deposit interest rate on retail and bulk term deposits. The new FD rates are effective from May 15, 2024, as stated on the SBI website.
Under SBI Sarvottam term deposits, the bank offers an interest rate of 7.4 per cent for a tenure of two years. For a one-year tenure, the interest rate has been fixed at 7.10 per cent.
Senior citizens will get an additional 50 basis points (bps) premium over the rate of interest provided to the general investors. They will earn an interest rate of 7.9 per cent for deposits maturing in two years.