From November 10, SBI To Pay Lower Interest Rates On These Fixed Deposits
State Bank of India (SBI) has revised its interest rates on fixed deposits in select maturity options. The new interest rates on term deposits - or fixed deposits - will come into effect from November 10, according to a press release by the country's largest bank, SBI. The decision to revise the term deposit interest rates is "in view of adequate liquidity in the system", State Bank of India said in its statement dated November 8. The new interest rates are applicable to retail as well as bulk term deposits.
Here are the interest rates applicable to retail and bulk fixed deposits with effect from November 10:
Retail domestic term deposits (below Rs 2 crore)
| Maturity period | Existing interest rate | Revised interest rate (with effect from November 10) | ||
|---|---|---|---|---|
| Public | Senior citizen | Public | Senior citizen | |
| Seven to 45 days | 4.5% | 5% | 4.5% | 5% |
| 46 days to 179 days | 5.5% | 6% | 5.5% | 6% |
| 180 days to 210 days | 5.8% | 6.3% | 5.8% | 6.3% |
| 211 days to less than one year | 5.8% | 6.3% | 5.8% | 6.3% |
| One year to less than two years | 6.4% | 6.9% | 6.25% | 6.75% |
| Two years to less than three years | 6.25% | 6.75% | 6.25% | 6.75% |
| Three years to less than five years | 6.25% | 6.75% | 6.25% | 6.75% |
| Five years and up to 10 years | 6.25% | 6.75% | 6.25% | 6.75% |
SBI has reduced the interest rate applicable to retail term deposits (FDs below Rs 2 crore) of one year to less than two years by 15 basis points (to 6.25 per cent for the general public and 6.75 per cent to the senior citizen, from 6.4 per cent and 6.9 per cent respectively), according to the statement.
Domestic Bulk Term Deposits (Rs 2 crore and above)
| Maturity period | Existing interest rate | Revised interest rate (with effect from November 10) | ||
|---|---|---|---|---|
| Public | Senior citizen | Public | Senior citizen | |
| Seven to 45 days | 4.3% | 4.8% | 4% | 4.5% |
| 46 days to 179 days | 5.3% | 5.8% | 4.75% | 5.25% |
| 180 days to 210 days | 5.7% | 6.2% | 5.25% | 5.75% |
| 211 days to less than one year | 5.7% | 6.2% | 5.25% | 5.75% |
| One year to less than two years | 6% | 6.5% | 5.25% | 5.75% |
| Two years to less than three years | 6% | 6.5% | 5.25% | 5.75% |
| Three years to less than five years | 5.75% | 6.25% | 5.25% | 5.75% |
| Five years and up to 10 years | 5.75% | 6.25% | 5.25% | 5.75% |
The bank has lowered the interest rates applicable to fixed deposits above Rs 2 crore by 30-75 basis points.