SBI Fixed Deposit Interest Rate jumped to 10.5% in past. Know interesting history as HDFC Bank changes rates
SBI Fixed Deposit interest rate history: There was a time when the State Bank of India (SBI) was offering over 10% FD interest rate to its customers.
SBI Fixed Deposit interest rate history: While HDFC Bank is in the news for launching two special fixed deposit schemes with higher interest rates, there was a time when the State Bank of India (SBI) was offering over 10% FD interest rate to its customers.
The interesting history of SBI Fixed Deposit interest rates deserves a relook as several banks have been increasing their interest rates while experts believe there is still room for some more hikes. Recently, a small finance bank announced a 9.6% interest rate on 5-year deposits to senior citizens and 9.1% for others.
For deposits of 1000 days, SBI increased the interest rate to 10.5% on October 1, 2008, which was revised to 10% on December 1, 2008.
On many occasions since 2008, SBI has offered over 9% interest on FDs of different tenors. However, in the last 5 years, the public sector bank has never offered more than 7.1% interest to general citizens on FDs of any tenor.
| Duration | 04.01.2008 | Duration | 01.06.2008 | 30/6/2008 | 16/8/2008 | Duration | 10/1/08 | 12/1/08 |
| 15 days to 45 days | 4.75 | 15 days to 45 days | 4.75 | 4.75 | 4.75 | 15 days to 45 days | 4.75 | 4.75 |
| 46 days to 90 days | 5.25 | 46 days to 90 days | 5.25 | 5.25 | 5.25 | 46-90 | 5.25 | 5.25 |
| 91 days to 180 days | 7.00 | 91 days to 180 days | 7.00 | 7.00 | 7.50 | 91 -180 | 7.50 | 7.00 |
| 181 days to less than 1 year | 7.50 | 8.00 | 8.50 | 181 to < 1 year | 8.50 | 8.00 | ||
| 181 days to less than 1 year | 7.50 | 1 year to less than 2 years | 8.75 | 9.50 | 10.00 | 1 year to <2 years | 10.00 | 9.50 |
| 1 year to less than 2 years | 8.75 | 2 years to less than 3 years | 9.50 | 2 years to less than 1000 days | 9.50 | 9.00 | ||
| 3 years to less than 5 years | 8.85 | 9.00 | 9.75 | 1000 days | 10.50 | 10.00 |
Source: SBI website
Currently, the highest FD rate offered by SBI is 7.1% for general citizens under the Amrit Kalash Deposit scheme. The bank is also offering 7% interest to the general public on deposits of 2 years to less than 3 years. The highest interest rate offered by SBI to senior citizens is 7.6% under Amrit Kalash deposits of 400 days.
Read More: Personal loan tips: Key factors to consider for low interest rates and processing fees
As several banks have recently increased their FD rates, it is expected that SBI may also provide some delight to depositors soon.
Meanwhile, HDFC Bank has launched two special fixed deposit schemes offering interest rates of 7.20% for a 35-month term and 7.25% for a 55-month term. Senior citizens will get 50 basis points more. The bank is also offering 7% on deposits maturing between 18 months and 10 years.
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