SBI Fixed Deposit Interest Rates 2026: State Bank of India has given a big gift to its customers who want to deposit large amount of money in the bank. The bank has decided to significantly increase the interest rates on bulk fixed deposits by up to 25 basis points. These new rates have become effective from March 15, 2026, due to which now big investors will get more profits on their deposits. This decision of the bank has increased the turmoil in the market because many other banks are currently busy in reducing their rates.
Rates increased on bulk deposits
SBI has increased interest rates on bulk fixed deposits above Rs 3 crore by 25 basis points. This change will prove to be very beneficial for those investors who want to deposit large capital safely in the bank. According to the bank’s website, these new interest rates have been officially implemented from March 15, 2026.
Special benefits to senior citizens
Senior citizens will also benefit greatly from this change as the rates for select periods have also been increased for them. Now elderly people will get 7 percent interest on bulk deposits with maturity of 1 year to less than 2 years. The interest rate on FDs ranging from 46 days to 179 days has also been revised to 5.85 percent.
New rates for general investors
For general customers also, the rate has been reduced to 5.85 percent for the period from 180 days to less than one year. With this, bulk deposits with maturity of one year to less than two years will now get 6.50 percent interest. This decision of the bank has come at a time when many discussions are going on in the financial market regarding liquidity.
No change in retail FD rates
The bank has clarified that this increase is only for bulk deposits with deposits above Rs 3 crore. There is currently no change in interest rates for retail fixed deposits of less than Rs 3 crore. The retail FD rates which were effective from December 15, 2025, will still remain applicable.
Penalty and Withdrawal Rules
The bank has retained the old rule of imposing a penalty of 1 percent on premature withdrawal of money. This means that if you break the FD before maturity, the interest you get will be reduced by 1 percent. This penalty rule will be applied uniformly on all new bulk deposits and renewal of old deposits.
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New rates will be applicable on renewal
The revised interest rates will be applicable not only on new deposits but also on renewal of old maturing deposits. The bank has also clarified that all other conditions of retail and bulk term deposits will remain the same. Senior citizens will get 6.50 percent interest on long term bulk FD like 5 years to 10 years.
Additional benefits of V-Care scheme
The bank’s “SBI We-care” Under the scheme, an additional premium of 50 basis points is also provided to senior citizens. This scheme is being run by the bank especially with the aim of providing more benefits on the deposits of the elderly. Investors can now invest as per their financial plan to take advantage of these new and better rates.
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