State Bank of India or SBI, country's largest lender by assets, has reduced fixed deposit (FD) interest rates across select maturity. The SBI FD rates have been lowered by 10 basis points (or 0.10 percentage point) across a select tenor in the retail segment. In bulk segment, SBI FD interest rates have been reduced by 30 basis points (or 0.30 percentage point), 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".
The bank now offers an interest rate of 6.4 per cent to general public and 6.9 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:
|Tenors||Interest rates for general public||Interest rates for senior citizens|
|7 days to 45 days||4.50%||5.00%|
|46 days to 179 days||5.50%||6.00%|
|180 days to 210 days||5.80%||6.30%|
|211 days to less than 1 year||5.80%||6.30%|
|1 year to less than 2 years||6.40%||6.90%|
|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%|
Fixed deposit interest rates are subject to change from time to time. Earlier, SBI revised its FD rates on September 10, 2019.
In a separate announcement, SBI has reduced its benchmark lending rate by ten basis points or 0.10 percentage points across all tenors. The move marks the sixth consecutive reduction in the key lending rates by SBI this financial year.
The Reserve Bank of India's Monetary Policy Committee (MPC) had cut its repo rate by 25 basis points last week, in its fifth downward revision so far this year.