From February 10, State Bank of India (SBI) will pay interest rates to the tune of 4.5-6.5 per cent to customers on retail fixed deposits (FDs). SBI – the country’s largest bank by assets – currently offers eight maturity options for fixed deposits up to Rs 2 crore ranging from seven days to 10 years, and pays higher returns rates to senior citizen depositors compared to other customers. With effect from February 10, SBI will pay interest at the rates of 4.5-6.0 per cent to the general public and 5-6.5 per cent to senior citizens on fixed deposits up to Rs 2 crore, according to the lender’s corporate website –

From interest rates to lock-in period, here’s all you need to know about SBI fixed deposits (FDs):

Interest Rates And Maturity Options

With effect from February 10, SBI will provide the following interest rates on fixed deposits up to Rs 2 crore:

Maturity Period Interest Rate With Effect From February 10, 2020
Public Senior Citizen
7 days to 45 days 4.50% 5.00%
46 days to 179 days 5.00% 5.50%
180 days to 210 days 5.50% 6.00%
211 days to less than 1 year 5.50% 6.00%
1 year to less than 2 year 6.00% 6.50%
2 years to less than 3 years 6.00% 6.50%
3 years to less than 5 years 6.00% 6.50%
5 years and up to 10 years 6.00% 6.50%

Interest Rates For Senior Citizens

On fixed deposits up to Rs 2 crore, SBI pays a 50-basis-point (0.5 percentage point) higher return to senior citizens compared to other customers.

Investment Limit

While there is no upper limit to the amount, the bank has mandated a minimum investment of Rs 1,000 for parking funds in its retail fixed deposits.

Change In Interest Rates

SBI offers both monthly and quarterly interval options for crediting the interest in retail fixed deposit accounts. However, the payment of interest on a monthly basis is made at a discounted rate, according to the SBI website.

SBI revises interest rates applicable to fixed deposits from time to time. The interest is paid at the contracted rate irrespective of any change in the rates.

Meanwhile, State Bank of India (SBI) has also lowered its marginal cost of funding-based lending rates (MCLR) by 5 basis points across tenors, marking the ninth downward revision in the key lending rates so far this fiscal year. The new rates – which will also come into effect from February 10 – will make home loans cheaper for new SBI customers.