- India’s Largest Bank State Bank of India (SBI) has slashed the interest rates on fixed deposits (FDs) by 20 basis points (bps) for ‘up to 3 years’ tenor.
- The revised Fixed Deposit rates will come into effect from May 12.
- The bank has kept the rates unchanged for term deposits with tenor 3 years to 10 years.
- It is learn that the bank 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 proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.
History of Rates:
- After the latest revision, 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 1 year and up to 3 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 latest FD interest rates for general public effective 12 May
- 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 effective 12 May
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.
- 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%
SBI Wecare Deposit
- SBI has introduced special fixed deposit scheme known as ‘SBI Wecare Deposit‘ for senior citizens with higher interest rate.
- Under this new product, an additional 30 bps premium will be payable for senior citizen’s retail term deposits with “5 years & above” tenor only, the bank said.
- In March, SBI had slashed the interest rate on FDs by 20-50 bps across tenors effective 28 March 2020.
- That was the second rate cut in March. Earlier the bank had cut interest rates on FDs on 10 March.
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