Bumper returns on SBI FD: Up to 6.75% interest will be available on deposits of 365 days, additional benefits to senior citizens; Check latest interest rates

Tenure of 1 year (365 days) to less than 2 years remains an attractive option for customers looking to keep their hard-earned money in a fixed deposit (FD) in State Bank of India (SBI), the country’s largest public sector bank, as a safe investment. Under the official retail deposit rules of the bank, 6.25% annual interest is being given to ordinary citizens on FD of 365 days for deposits of less than Rs 3 crore. This 12-month bracket is proving to be a strong medium for risk-free savings for investors looking for safe returns and timely liquidity.

SBI interest rates are even more beneficial for senior citizens (60 years of age or above). The bank offers an additional premium of 0.50% (50 basis points) to senior citizens on all normal FD tenures. Under this rule, senior citizens are getting guaranteed interest at the rate of 6.75% on FD of 365 days (1 year less than 2 years). This term offers a balance of both regular income and capital protection with quarterly or monthly interest withdrawal option for retired employees and senior citizens.

Special scheme of SBI for investors who want to earn maximum profit in a period of around 1 year. ‘Amrit Vrishti’ (444 days) also available. Under this scheme, interest is being given at the rate of 6.45% to general customers and 6.95% to senior citizens. Apart from this, on FDs of 2 years to less than 3 years, general citizens are getting 6.40% interest and senior citizens are getting 6.90% interest. Whereas in the long term from 5 years to 10 years (including SBI V-Care scheme), a maximum interest of 7.05% has been made available for the elderly.

Customers can avail these rates from the nearest SBI branch, net banking or YONO app from home. Keep in mind that interest received from FD is taxable under income tax rules and TDS may be applicable on interest income in excess of the limit.