SBI New FD Rates 2020: The country’s largest lender, State Bank of India (SBI), has slashed the interest rate on fixed deposits(FDs), also known as term deposits. Those banking on fixed deposits (FD) of the State Bank of India (SBI) will have to settle for a little less now. Effective February 10, the SBI FD interest rates have been cut across all durations of deposit above 181 days. The 1-year FD rate of interest will now stand at 6 percent as against 6.10 percent earlier. In spite of RBI keeping the repo rate constant, the interest rate movement seems to be on the downtrend.
The current rate of interest on 1-year SBI FD is 6 percent per annum, down from 6.10 percent per annum. The same rate of interest is applicable for deposits of ‘1 year to less than 2 years’, ‘2 years to less than 3 years’, ‘3 years to less than 5 years’ and ‘5 years and up to 10 years.’ For senior citizens, the additional interest rate of 0.5 percent will continue as before.
SBI new FD rates are applicable from today, 10 February
SBI has slashed fixed deposits rates by 25-50 bps in the bulk segment
“In view of surplus liquidity in the system, SBI realigns its interest rate on retail term deposits (less than ₹2 crores) and bulk term deposits ( ₹2 crores and above) w.e.f. February 10, 2020. The bank slashed term deposits rates by 10-50 bps in the retail segment and 25-50 bps in the bulk segment,” after announcing the cut on Friday, SBI had said in a statement.
The announcement came a day after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.15%.
SBI FD Rates for the general public
The state lender has decreased FD rates across tenors except for those with a maturity period of 7-45 days. For all the tenors with a maturity period of 46-179 days, SBI has slashed the interest rates by 50 bps. These deposits will have an interest rate of 5 percent now. For the tenors maturing in 180-211 days to less than a year, the bank will offer an interest rate of 5.5 percent. For FDs due to mature in 1-10 years, SBI has deducted the interest rates by 10 bps.
SBI FD Rates for senior citizens
SBI is offering an additional 50 basis point interest rate for senior citizens across all tenors. For deposits due to mature in 7-45 days, the bank offers a 5 percent interest rate. For fixed deposits due to mature in 46-179 days, the bank will offer an interest rate of 5.5 percent. The state lender will offer an interest rate of 6 percent for FDs due to mature in a period of 180-211 days. FDs due to mature in 1-10 years will fetch an interest rate of 6.5 percent.
SBI latest FD interest rates for general public effective 10th February
7 days to 45 days 4.50%
46 days to 179 days 5.00%
180 days to 210 days 5.50%
211 days to less than 1 year 5.50%
1 year to less than 2 years 6.00%
2 years to less than 3 years 6.00%
3 years to less than 5 years 6.00%
5 years and up to 10 years 6.00%
SBI latest FD interest rates for senior citizens effective 10th February
SBI offers senior citizens an additional 50 basis point interest rate across all tenures. After today’s revision, senior citizens will get 5% to 6.5% on FDs maturing in 7 days to 10 years.
7 days to 45 days 5.00%
46 days to 179 days 5.50%
180 days to 210 days 6.00%
211 days to less than 1 year 6.00%
1 year to less than 2 years 6.50%
2 years to less than 3 years 6.50%
3 years to less than 5 years 6.50%
5 years and up to 10 years 6.50%