State Bank of India or SBI, India’s most trusted bank has lowered its fixed deposits or FDs interest rates by 20-25 basis points, its second revision in about 15 days.
SBI also declared a reduction in its MCLR by 10 bps across all tenors. The revised interest rate will be effective from September 10, 2019.
“In view of the falling interest rate scenario and surplus liquidity, SBI also realigns its interest rate on term deposits (TD) w.e.f. September 10. Bank slashes retail TD rates by 20-25 bps and bulk TD rates by 10-20 bps across tenors”, said SBI.
The rate of interest remains unchanged for FDs maturing in 7 days to 45 days and 46 days to 179 days at 4.50% and 5.50%, respectively. SBI has cut the interest rates by 20 basis points on deposits maturing in 180 days to less than 1 year.
Now, with the latest rate cut by SBI, these Fixed Deposits will get you an interest rate of 5.80%.
SBI New FD rates (below ₹2 crore) for general public effective from September 10
- 7 days to 45 days -4.50%
- 46 days to 179 days -5.50%
- 180 days to 210 days -5.80%
- 211 days to less than 1 year -5.80%
SBI New FD rates (below ₹2 crore) for the general public for maturity between 1 year and 3 years
For FDs maturing in 1 year to less than 2 years, SBI has cut the rate by 20 basis points. Now, these deposits will give 6.50% interest instead of 6.70% effective from September 10, 2019.
SBI has reduced the interest rate on term deposits maturing in 2 years to less than 3 years by 25 basis points. SBI will now give 6.25% interest on FDs maturing in 2 years to less than 3 years.
- 1 year to less than 2 years 6.50%
- 2 years to less than 3 years 6.25%
SBI New FD rates (below ₹2 crore) for the general public for maturity between 3 years and 10 years
Though, SBI has kept the rate stable on long-term FDs. Deposits maturing in 3 years to less than 5 years will get an interest rate of 6.25% and FDs maturing in 5 years to 10 years will also remain at 6.25% interest.
- 3 years to less than 5 years 6.25%
- 5 years and up to 10 years 6.25%
SBI New FD rates (below ₹2 crore) for senior citizens effective from September 10
Senior citizens continue to get an additional 50 bps over the FD interest rates. SBI has cut the interest rates on FD for senior citizens by 20-25 basis points.
- 7 days to 45 days -5.00%
- 46 days to 179 days -6%
- 180 days to 210 days -6.3%
- 211 days to less than 1 year -6.3%
- 1 year to less than 2 years -7%
- 2 years to less than 3 years -6.75%
- 3 years to less than 5 years -6.75%
- 5 years and up to 10 years -6.75%
Several other banks such as Axis Bank, HDFC Bank, PNB, Bank of Baroda, Canara Bank and Kotak Mahindra Bank have also revised FD interest rates in picked buckets.
