The State Bank of India (SBI) has slashed interest rates on fixed deposits (FDs) for up to three years’ tenor by 20 basis points (bps), which will come into effect from Tuesday.
The bank has kept the rates unchanged for term deposits with tenor 3 years to 10 years.
“SBI has slashed its interest rates on retail term deposits by 20 bps for ‘up to 3 years’ tenor in view of adequate liquidity in the system as well as with the bank,” the bank said in a statement.
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.
After the latest revision, SBI FDs between 7 days to 45 days will now fetch 3.3% and term deposits between 46 days to 179 days will give 4.3%. FDs of 180 days to less than one year will fetch 4.8%. Deposits with maturity between one year and up to three years will give 5.5%.
However, term deposits maturing in three years and up to 10 years will continue giving the same rate of interest at 5.7% as the bank has kept the rates unchanged on these deposits.
SBI has also introduced a special fixed deposit scheme ‘SBI Wecare Deposit’ for senior citizens with a higher interest rate. An additional 30 basis points (bps) premium will be payable for senior citizen’s retail term deposits with “5 years & above” tenor only under this new product, the bank said.
SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.8% to 6,5% on FDs maturing in 7 days to 10 years.
SBI had slashed the interest rate on FDs by 20-50 bps across tenors effective March 28 in the second rate cut in March. The bank had cut interest rates on FDs on March 10.
SBI latest FD interest rates from May 12:
7 days to 45 days – 3.3%
46 days to 179 days – 4.3%
180 days to 210 days – 4.8%
211 days to less than 1 year – 4.8%
1 year to less than 2 years – 5.5%
2 years to less than 3 years – 5.5%
3 years to less than 5 years – 5.7%
5 years and up to 10 years – 5.7%
SBI latest FD interest rates for senior citizens from May 12:
7 days to 45 days – 3.8%
46 days to 179 days – 4.8%
180 days to 210 days – 5.3%
211 days to less than 1 year – 5.3%
1 year to less than 2 years – 6%
2 years to less than 3 years – 6%
3 years to less than 5 years – 6.2%
5 years and up to 10 years – 6.5%
