State Bank of India (SBI) has slashed interest rates on fixed deposits (FDs) by 40 basis points (bps) across all tenor. This is the second rate cut in a month. The latest FD rates are effective today, 27 May, SBI mentioned on its website. SBI also cut interest rates on bulk deposits (of ₹2 crore or more) by up to 50 bps. The maximum offered by SBI under this category is 3%. The new rates under this category are also applicable from today.

After the latest revision, SBI FDs between 7 days to 45 days will now fetch 2.9%. Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%. Deposits with maturity between 1 year and up to 3 years will give 5.1%. FDs with tenor 3 years to less than 5 years will now give 5.3% and those maturing in 5 years and up to 10 years will give 5.4%.

SBI latest FD interest rates for general public effective 27 May

7 days to 45 days – 2.9%

46 days to 179 days – 3.9%

180 days to 210 days – 4.4%

211 days to less than 1 year – 4.4%

1 year to less than 2 years – 5.1%

2 years to less than 3 years – 5.1%

3 years to less than 5 years – 5.3%

5 years and up to 10 years – 5.4%

SBI latest FD interest rates for senior citizens effective 27 May

SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.4% to 6.2% on FDs maturing in 7 days to 10 years.

7 days to 45 days – 3.4%

46 days to 179 days – 4.4%

180 days to 210 days – 4.9%

211 days to less than 1 year – 4.9%

1 year to less than 2 years – 5.6%

2 years to less than 3 years -5.6%

3 years to less than 5 years – 5.8%

5 years and up to 10 years – 6.2%

SBI had slashed interest rates on term deposits for ‘up to 3 years’ tenor by 20 bps on May 12. In March, SBI had slashed the interest rate on FDs by 20-50 bps across tenors effective 28 March 2020. That was the second rate cut in March. Earlier the bank had cut interest rates on FDs on 10 March.

SBI had earlier announced a special ‘SBI Wecare’ FD scheme for senior citizens in which the bank pays an additional premium of 30 bps (in addition to the existing 50 bps for senior citizens. This special scheme for senior citizens is applicable for deposits for five years or more maturity. And it is open for a limited period, up to 30th September 2020.