India
SBI cuts interest rates on fixed deposits on select tenors – Check out new FD rates
The country’s largest lender State Bank of India (SBI) has reduced the interest rates on select tenors of fixed deposits with impact from 10 September.
According to a media report, in earlier SBI had reduced in fixed deposits interest rates once on May 27 and once on May 12.
The new rates of interest, effective from September 10 shall be made applicable to fresh deposits and renewals of maturing deposits.
“Revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crores) interest rates revised w.e.f. 10.09.2020. Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore ‘have been revised,” as per the SBI website.
Here are the new rates:
| Tenors | Existing Rates for Public w.e.f. 27.05.2020 | Revised Rates For Public w.e.f. 10.09.2020 | Existing Rates for Senior Citizens w.e.f. 27.05.2020 | Revised Rates for Senior Citizens w.e.f. 10.09.2020 |
| 7 days to 45 days | 2.90 | 2.90 | 3.40 | 3.40 |
| 46 days to 179 days | 3.90 | 3.90 | 4.40 | 4.40 |
| 180 days to 210 days | 4.40 | 4.40 | 4.90 | 4.90 |
| 211 days to less than 1 year | 4.40 | 4.40 | 4.90 | 4.90 |
| 1 year to less than 2 year | 5.10 | 4.90 | 5.60 | 5.40 |
| 2 years to less than 3 years | 5.10 | 5.10 | 5.60 | 5.60 |
| 3 years to less than 5 years | 5.30 | 5.30 | 5.80 | 5.80 |
| 5 years and up to 10 years | 5.40 | 5.40 | 6.20 | 6.20 |
