State Bank of India or SBI, country's largest lender by assets, has reduced fixed deposit (FD) interest rates across select maturities. The SBI FD rates have been lowered by 15 basis points or 0.15 percentage points across a select tenor in the retail segment (FDs below Rs 2 crore). In the bulk segment (FDs of Rs. 2 crore and above), SBI FD interest rates have been reduced by 30-75 basis points or 0.30-0.75 percentage points, the bank said in a statement. The new rates are effective from today. SBI said the revision in interest rates is "in view of the adequate liquidity in the system". (Also read: SBI Home Loans Get Cheaper From Today)
The bank now offers an interest rate of 6.25 per cent to general public and 6.75 per cent to senior citizens on fixed deposits of below Rs 2 crore for a tenor of '1 year to less than 2 years' tenor.
Here are revised SBI's interest rates for retail fixed deposits (FDs) below Rs 2 crore, effective from today:
|Maturity period||Revised interest rate|
|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%|
Fixed deposit interest rates are subject to change from time to time. Earlier, SBI revised its FD rates on October 10, 2019.