The State Bank of India’s new interest rates on Fixed Deposits (FDs) across maturities are effective from today, 10 September 2019. The bank has revised its retail term deposit rates by up to 20-25 bps across tenors, and the bulk term deposit rates by up to 10-20 bps across tenors.
This is SBI’s second interest rate cut after the Reserve Bank of India’s (RBI) August monetary policy review. On August 26, the SBI had revised the retail FD rates by 10 to 50 basis points across maturities on 26th August.
As per the latest revision, SBI will offer 4.50 percent to 6.70 percent interest on FDs maturing in 7 days to 10 years. SBI is offering 4.50 percent and 5.50 percent interest for FDs maturing in 7 days to 45 days and 46 days to 179 days respectively.
For deposits maturing in 180 days to less than 1 year, SBI will give 5.80 percent interest. For FDs maturing in 1 year to less than 2 years, SBI will give 6.50 percent interest.
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 percent interest on FDs maturing in 2 years to less than 3 years. However, SBI has kept the rate unchanged on long-term FDs.
Deposits maturing in 3 years to less than 5 years will fetch an interest rate of 6.25 percent and FDs maturing in five years to ten years will also continue to give 6.25 percent interest. Senior citizens continue to get an additional 50 basis points over the FD interest rates.
SBI latest FD interest rates (below Rs 2 crore) for general public effective 10 September
7 days to 45 days 4.50 percent
46 days to 179 days 5.50 percent
180 days to 210 days 5.80 percent
211 days to less than 1 year
1 year to less than 2 year 6.50 percent
2 years to less than 3 years 6.25 percent
3 years to less than 5 years 6.25 percent
5 years and up to 10 years 6.25 percent