What are the current interest rates for SBI fixed deposits (FD) and recurring deposits (RD) in October 2026? State Bank of India (SBI), India's largest lender, offers various FD and RD options with competitive interest rates that vary by tenure and customer category. Senior citizens receive additional benefits on eligible deposits, making these investment options attractive for those seeking stable returns.
- SBI FD rates range from 3.05% to 6.40% for general customers.
- Senior citizens can earn up to 7.05% under the SBI WeCare deposit scheme.
- The 444-day Amrit Vrishti deposit offers 6.60% interest to general customers.
- Recurring deposit rates align with term deposit rates based on tenure and customer type.
- RBI's repo rate changes may influence but do not directly determine SBI's deposit rates.
What are the current SBI fixed deposit interest rates for October 2026?
SBI offers interest rates on retail term deposits below ₹3 crore that range from 3.05% to 6.40% for general customers, depending on the tenure. Senior citizens receive higher rates, with the SBI WeCare scheme providing up to 7.05% interest on deposits between five and ten years. Among regular FD tenures, deposits maturing between two and three years offer one of the highest rates at 6.40% for general customers and 6.90% for senior citizens.
What special deposit schemes does SBI offer?
SBI has special deposit schemes that provide higher returns than standard FD tenures. For example, the 444-day Amrit Vrishti deposit offers 6.60% interest to general customers. Senior citizens eligible for the SBI WeCare deposit scheme can earn up to 7.05% on five- to ten-year deposits, which is among the highest rates available for retail deposits at SBI.
How do SBI recurring deposit interest rates work?
SBI's recurring deposit interest rates are linked to the applicable term deposit rates for both general and senior citizen customers. The interest rate depends on the tenure chosen and the customer category. The minimum RD period is 12 months, and the maximum is 120 months. Monthly instalments start at ₹100, with subsequent payments in multiples of ₹10. RDs are suitable for investors who prefer to save gradually through monthly contributions rather than investing a lump sum.
How does the RBI Monetary Policy Committee (MPC) decision impact SBI deposit rates?
The market expects a 25-basis-point increase in the repo rate to 5.50%, but the final decision depends on the MPC's evaluation of inflation, growth, and financial conditions. While changes in the repo rate can put pressure on banks like SBI to offer competitive deposit rates, any adjustment in FD or RD rates will depend on factors such as the bank's liquidity, funding needs, and competition. Therefore, a change in the repo rate does not automatically lead to an immediate change in SBI's deposit rates.
Do existing SBI fixed deposits get affected by changes in interest rates?
Existing fixed deposits continue to earn the interest rate applicable at the time of booking, subject to the deposit's terms and conditions. Changes in the repo rate or SBI's new deposit rates generally apply only to new deposits made after the rate revision.
Key Takeaways
- SBI offers competitive FD and RD interest rates with additional benefits for senior citizens.
- Special schemes like Amrit Vrishti and SBI WeCare provide higher returns.
- Recurring deposits allow disciplined monthly savings with interest rates linked to term deposits.
- RBI MPC decisions influence but do not directly set SBI deposit rates.
- Existing deposits retain their original interest rates despite market changes.
