SBI Fixed Deposit Interest Rate jumped to 10.5%. Know interesting history as HDFC Bank changes rates

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.

The history of SBI Fixed Deposit interest rates available on the bank’s website shows that the interest rate for FD 1 year to less than two years was fixed at 10% on August 16, 2008. The rate remained the same for this tenor till October 1, 2008 but was subsequently reduced. The current FD rate offered by SBI for this tenor is 6.8%.

Also Read: Winning Strategies for Senior Citizen Fixed Deposit Now

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. Duration04.01.2008Duration01.06.200830/6/200816/8/2008Duration10/1/0812/1/0815 days to 45 days4.7515 days to 45 days4.754.754.7515 days to 45 days4.754.7546 days to 90 days5.2546 days to 90 days5.255.255.2546-905.255.2591 days to 180 days7.0091 days to 180 days7.007.007.5091 -1807.507.00

181 days to less than 1 year7.508.008.50181 to < 1 year8.508.00181 days to less than 1 year7.501 year to less than 2 years8.759.5010.001 year to