State Bank of India (SBI) on Monday said it will reduce interest rate on fixed deposits across all maturities with effect from August 1. "For time deposits with longer tenors, there is a reduction up to 20 bps (basis points) or 0.2 per cent in the Retail segment and 35 bps or 0.35 per cent in the Bulk segment," SBI, the country's largest lender, said in a statement. The bank will now offer an interest rate of 5 per cent to general public and 5.5 per cent to senior citizens on fixed deposits of 7-45 days. Previously, the public sector bank paid interest at the rate of 5.75 per cent and 6.25 per cent to the general public and senior citizens respectively.
Here are revised SBI's fixed deposit (FD) interest rates for FDs below Rs. 2 crore which will be effective from August 1:
| Tenors | Existing rates for public w.e.f. 09.05.2019 | Revised rates for public w.e.f. 01.08.2019 | Existing rates for senior citizens w.e.f. 09.05.2019 | Revised rates for senior citizens w.e.f. 01.08.2019 |
|---|---|---|---|---|
| 7 days to 45 days | 5.75% | 5% | 6.25% | 5.5% |
| 46 days to 179 days | 6.25% | 5.75% | 6.75% | 6.25% |
| 180 days to 210 days | 6.35% | 6.25% | 6.85% | 6.75% |
| 211 days to less than 1 year | 6.4% | 6.25% | 6.9% | 6.75% |
| 1 year to less than 2 year | 7% | 6.8% | 7.5% | 7.3% |
| 2 years to less than 3 years | 6.75% | 6.7% | 7.25% | 7.2% |
| 3 years to less than 5 years | 6.7% | 6.6% | 7.2% | 7.1% |
| 5 years and up to 10 years | 6.6% | 6.5% | 7.1% | 7% |
(Source: sbi.co.in)
Fixed deposit interest rates are subject to change from time to time. Last week, private sector lender HDFC Bank revised its fixed deposit interest rates on select maturities.
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