State Bank of India (SBI), which revised its interest rates on fixed deposits earlier this month, offers eight different maturity periods on retail deposits. The country's largest bank currently pays interest at the rates of 4.50-6.50 per cent on fixed deposits up to Rs 2 crore to the public, and 5-7 per cent to senior citizens, according to its website - sbi.co.in. With effect from September 10, SBI revised interest rates applicable to retail fixed deposits (FD) in select maturities.
Here are the interest rates paid by State Bank of India currently on fixed deposits up to Rs 2 crore:
|Maturity period||From September 10, 2019||Previously|
|For public||For senior citizens||For public||For senior citizens|
|7 days to 45 days||4.50%||5%||4.50%||5%|
|46 days to 179 days||5.50%||6%||5.50%||6%|
|180 days to 210 days||5.80%||6.30%||6%||6.50%|
|211 days to less than 1 year||5.80%||6.30%||6%||6.50%|
|1 year to less than 2 year||6.50%||7%||6.70%||7.20%|
|2 years to less than 3 years||6.25%||6.75%||6.50%||7%|
|3 years to less than 5 years||6.25%||6.75%||6.25%||6.75%|
|5 years and up to 10 years||6.25%||6.75%||6.25%||6.75%|
SBI pays a 50-basis-point (0.5 percentage point) higher return to senior citizen depositors compared with others.
The Reserve Bank of India has so far this year reduced the repo rate - the key interest rate at which it lends short-term funds to commercial banks - by a total 110 basis points (1.1 percentage point) in four consecutive bi-monthly reviews. In its August 7 statement, the RBI decided to lower the repo rate by 35 basis points, and urged commercial banks once again to pass on the benefit of lower rates to the consumer.
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