With the latest revision of interest rates, SBI senior citizens can now book fixed deposits at 7.25% interest for tenors of 1 year to less than 2 years, 2 years to less than 3 years and 5 to 10 years.
After the revision of FD rates from 13 December, the interest rate for senior citizens has jumped to 7.25% from 6.60 % on FDs of 1 year to less than 2 years, 7.25% from 6.75% on deposits maturing in 2 years to less than 3 years. On FDs of 5 years and above, 7.25@% from 6.90%.
Pensioners of SBI also enjoy the extra 0.5% interest offered to other senior citizens for FDs across different tenors.
“The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%),” SBI says on its website.
With effect from December 13, SBI has hiked both retail deposits and bulk FD interest rates. Under the bulk FDs which is for deposits from ₹2 crore and above, SBI has hiked rates by a whopping 50 bps to 100 bps across tenures.
The bank last hiked interest rates on retail term deposits across all tenures by up to 80 basis points on October 22,2022.
SBI latest FD interest rates for senior citizens effective 13 December 2022
SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.5% to 7.25% on FDs maturing in 7 days to 10 years.
7 days to 45 days – 3.50%
46 days to 179 days – 5%
180 days to 210 days – 5.75%
211 days to less than 1 year – 6.25%
1 year to less than 2 years – 7.25%
2 years to less than 3 years -7.25%
3 years to less than 5 years – 6.75%
5 years and up to 10 years -7.25%@
SBI Wecare deposit scheme
According to the SBI Website, “A special ‘SBI Wecare’ Deposit for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over & above the existing 50 bps i.e. 100 bps over card rate for public will be paid to Senior Citizens on their retail TD for ‘5 Years and above’ tenor only. ‘SBI Wecare’ deposit scheme stands extended up to 31st March 2023.”