SBI cuts FD rates by 20-25 bps effective 10 Sept
09 September 2019
State Bank of India (SBI), the country’s largest lender, today announced a further reduction in its fixed deposit (FD) rates by 20-25 basis points, effective 10 September, the second reduction in 15 days.
SBI also announced a reduction in its MCLR by 10 bps across all tenors, also effective tomorrow.
"In view of the falling interest rate scenario and surplus liquidity, SBI also realigns its interest rate on term deposits (TD) w.e.f. September 10. Bank slashes retail TD rates by 20-25 bps and bulk TD rates by 10-20 bps across tenors," SBI said.
For FDs maturing in 7 days to 45 days and 46 days to 179 days, the rate of interest remains unchanged at 4.50 per cent and 5.50 per cent, respectively. SBI has slashed the interest rates by 20 basis points on deposits maturing in 180 days to less than 1 year. Now, with the latest rate cut by SBI, the FD rate for these stands at of 5.80 per cent.
SBI FD rates (below Rs2 crore) for general public
7 days to 45 days - 4.50 per cent
46 days to 179 days - 5.50 per cent
180 days to 210 days - 5.80 per cent
211 days to less than 1 year - 5.80 per cent
For FDs maturing in 1 year to less than 2 year, SBI has cut the rate by 20 basis points. Now these deposits will give 6.50 per cent interest instead of 6.70 per cent effective 10 September 2019.
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 per cent interest on FDs maturing in 2 years to less than 3 years.
1 year to less than 2 year - 6.50 per cent
2 years to less than 3 years - 6.25 per cent
FD rates (below Rs2 crore) for general public for 3-10 years
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 per cent and FDs maturing in five years to ten years will also continue to get 6.25 per cent interest.
Senior citizens will continue to get an additional 50 basis points over the FD interest rates, which also stands reduced by 20-25 basis points.
7 days to 45 days - 5.00 per cent
46 days to 179 days - 6 per cent
180 days to 210 days - 6.3 per cent
211 days to less than 1 year - 6.3 per cent
1 year to less than 2 year – 7 per cent
2 years to less than 3 years - 6.75 per cent
3 years to less than 5 years - 6.75 per cent
5 years and up to 10 years - 6.75 per cent
Several other banks, including Axis Bank, HDFC Bank, PNB, Bank of Baroda, Canara Bank and Kotak Mahindra Bank, have also revised FD rates for select tenures.