SBI Reduces Fixed Deposit Rates, Check the Latest Rates

State Bank of India (SBI) reduces the Fixed Deposit Rates by 40 basis points (bps) across all tenor. This is the second consecutive rate cut in a month by the SBI. The rate cut is made on both retail as well as bulk deposits of Rs 2 crore or more. Earlier, SBI had slashed interest rates on term deposits for ‘unto 3 years’ tenor by 0.20% on May 12. In March, SBI had slashed the interest rate by 0.50% across tenors in the month of March.

SBI Latest Fixed Deposit Rates For General Public

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%

Check for More about SBI Fixed Deposits – Here

SBI Latest Fixed Deposit Rates For senior citizens

SBI offers senior citizens’ an additional 0.50% interest rate across all tenors. The Deposit rates of the senior citizen are :

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 also announced a special ‘SBI Wecare’ FD scheme for senior citizens in which the bank pays an additional premium of 0.30%, in addition to the existing 0.50% for senior citizens. The total additional benefit is 0.80% on ROI. This special scheme for senior citizens is applicable for deposits for five years or more maturity and valid up to 30th September, 2020.

SBI Fixed Deposit Interest Calculator