State Bank Of India Reduces Fixed Deposit Interest Rates By 15 Basis Points Across Select Tenures In The Retail Segment
By : Legal Era
Update: 2019-11-11 08:04 GMT
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[ By Bobby Anthony ]The State Bank of India (SBI) has reduced fixed deposit (FD) interest rates by 15 basis points or 0.15 percentage points across select tenures in the retail segment (fixed deposits which are below Rs 2 crore), according to a recent SBI statement.The new rates came into effect from effective from November 11, 2019, as per the SBI statement(Please refer to SBI...
The State Bank of India (SBI) has reduced fixed deposit (FD) interest rates by 15 basis points or 0.15 percentage points across select tenures in the retail segment (fixed deposits which are below Rs 2 crore), according to a recent SBI statement.
The new rates came into effect from effective from November 11, 2019, as per the SBI statement
(Please refer to SBI chart below.)
| Maturity period | Revised interest rate | |
|---|---|---|
| Public | Senior citizens | |
| Seven to 45 days | 4.50% | 5% |
| 46 days to 179 days | 5.50% | 6% |
| 180 days to 210 days | 5.80% | 6.30% |
| 211 days to less than one year | 5.80% | 6.30% |
| One year to less than two years | 6.25% | 6.75% |
| Two years to less than three years | 6.25% | 6.75% |
| Three years to less than five years | 6.25% | 6.75% |
| Five years and up to 10 years | 6.25% | 6.75% |
(Source: sbi.co.in)
Fixed deposit interest rates are subject to change from time to time. Earlier, SBI revised its FD rates on October 10, 2019.
In the bulk segment (fixed deposits of Rs 2 crore and above), SBI FD interest rates have been reduced by 30 to 75 basis points or 0.30 to 0.75 percentage points.
SBI said the revision in interest rates is “in view of adequate liquidity in the system”.
The SBI has begun offering an interest rate of 6.25% to the general public and 6.75% to senior citizens on fixed deposits of below Rs 2 crore on time frames of one year to less than two years.