India’s Largest Bank Pays These Annual Returns On Fixed Deposits


State Bank of India (SBI) – the country’s largest lender by assets – currently provides eight maturity options for retail fixed deposits, or fixed deposits up to Rs 2 crore. Also known as lock-in period, the maturity period starts at seven days and extends to as long as 10 years. Currently, SBI provides interest rates to the tune of 3.4-6.2 per cent to senior citizens, and 2.9-5.4 per cent to other depositors, on retail FDs. Commercial banks such as SBI revise interest rates applicable to fixed deposits from time to time, to align them with benchmark rates. 

State Bank of India (SBI) currently provides these annual returns on retail fixed deposits (FDs):

SBI Fixed Deposit Rates

Maturity Period Interest Rate With Effect From September 10
Public Senior citizen
Seven days to 45 days 2.9% 3.4%
46 days to 179 days 3.9% 4.4%
180 days to 210 days 4.4% 4.9%
211 days to less than one year 4.4% 4.9%
One year to less than two years 4.9% 5.4%
Two years to less than three years 5.1% 5.6%
Three years to less than five years 5.3% 5.8%
Five years and up to 10 years 5.4% 6.2%
(Source: sbi.co.in)

(Also Read: Up To 8.2% Annual Return On Fixed Deposit? Read This)

This year, the Reserve Bank of India (RBI) has reduced the repo rate – or the key interest rate at which it lends money to banks – by a total of 115 basis points since February, on top of 135 basis points last year. This has also forced banks to lower their FD rates. 

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