State Bank of India (SBI) - the country's largest lender - recently lowered the interest rate applicable to domestic retail fixed deposits up to Rs 2 crore of one maturity period while retaining the interest rates for the seven other terms. With effect from October 10, SBI offers an interest rate of 6.4 per cent to the general public and 6.9 per cent to senior citizens on domestic retail fixed deposits (FDs) of up to Rs 2 crore over a lock-in - or maturity period - of one-year to less than two years, according to the lender's website - sbi.co.in. (Also read: SBI Savings Accounts To Fetch Lesser Interest From November 1)
Currently, SBI offers retail domestic term deposits in seven options of terms, ranging from seven days to 10 years.
Here are the interest rates paid by SBI to its customers on domestic term deposits - or fixed deposits - up to Rs 2 crore:
|Tenors||Interest Rates on retail domestic term deposits below Rs 2 crore|
|For public||For senior citizens|
|7 days to 45 days||4.5%||5%|
|46 days to 179 days||5.5%||6%|
|180 days to 210 days||5.8%||6.3%|
|211 days to less than 1 year||5.8%||6.3%|
|1 year to less than 2 year||6.4%||6.9%|
|2 years to less than 3 years||6.25%||6.75%|
|3 years to less than 5 years||6.25%||6.75%|
|5 years and up to 10 years||6.25%||6.75%|
(SBI offers six different maturity periods for retail FDs)
Prior to the October 10 revision, SBI paid interest at the rate of 7 per cent to its senior citizen customers and 6.5 per cent to other depositors on FDs up to Rs 2 crore.