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What is the latest SBI Sarvottam FD interest rate for May 2024, after State Bank of India hiked FD rates


The State Bank of India (SBI) revised fixed deposit interest rate on retail and bulk term deposits. The new FD rates are effective from May 15, 2024, as stated on the SBI website.

SBI Sarvottam term deposits were launched last year. Depositors will receive better interest rates than conventional fixed deposits under this FD scheme.

Latest SBI FD interest rates: State Bank of India hikes fixed deposit rates by up to 75 bps

Latest SBI Sarvottam FD interest rates

Under SBI Sarvottam term deposits, the bank offers an interest rate of 7.4 per cent for a tenure of two years. For a one-year tenure, the interest rate has been fixed at 7.10 per cent.

Senior citizens will get an additional 50 basis points (bps) premium over the rate of interest provided to the general investors. They will earn an interest rate of 7.9 per cent for deposits maturing in two years. For a year, they will get an interest rate of 7.6 per cent in the bank.

According to the SBI website, the bank offers 30 bps over card rate for tenor 1 year and 40 bps over card rate for tenor 2 years.

INTEREST RATE ON SARVOTTAM (NON-CALLABLE) DOMESTIC RETAIL TERM DEPOSITS (above Rs. 1 crore to less than Rs. 2 crore) W.E.F. 15-05-2024
General Public Senior Citizen
Tenors Rates w.e.f. 15/05/2024 Annualised Yield# Rates w.e.f. 15/05/2024 Annualised Yield#
1 Yr 7.1 7.29 7.6 7.82
2 Yr 7.4 7.61 7.9 8.14

Interest rates on ‘Sarvottam (Non-Callable) Domestic Bulk Term Deposits(?2 crores & above), will be as per following table.

INTEREST RATE ON SARVOTTAM (NON-CALLABLE) DOMESTIC BULK TERM DEPOSITS (₹2 crores & above) W.E.F. 15-05-2024
General Public Senior Citizen
Tenors Rates w.e.f. 15/05/2024 Annualised Yield# Rates w.e.f. 15/05/2024 Annualised Yield#
1 Yr 7.3 7.5 7.8 8.03
2 Yr 7.4 7.61 7.9 8.14

SBI Sarvottam details

Resident Individuals and non- individual customers can open Sarvottam term deposits. While minors and NRI customers are not eligible to invest. Under the scheme, premature withdrawal and renewal of the deposit is not allowed. Maturity amount will be credited to customer’s account. TDS is applicable as per Income Tax Rules.

Latest SBI FD interest rates

State Bank of India offers interest rates between 3.50 per cent to 7.10 per cent (including Amrit Kalash) fixed deposit interest rates for general citizens for tenure ranging between 7 days to 10 years.

General Public Senior Citizen
Tenors Revised Rates for Public w.e.f. 15/05/2024 Revised Rates for Senior Citizen w.e.f. 15/05/2024
7 days to 45 days 3.5 4
46 days to 179 days 5.5 6
180 days to 210 days 6 6.5
211 days to less than 1 year 6.25 6.75
1 Year to less than 2 years 6.8 7.3
2 years to less than 3 years 7 7.5
3 years to less than 5 years 6.75 7.25
5 years and up to 10 years 6.5 7.50*


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