SBI revises fixed deposit rates. Check latest FD rates
India's largest commercial lender the State Bank of India (SBI) has revised interest rates on its fixed deposits (FDs). The public sector lender revised interest rate on select maturities, with effect from September 10. The bank has slashed the interest rates on fixed deposits (FDs) for 1 year to less than 2 year by 20 basis points.
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. After this latest revision, SBI FDs between 7 days to 45 days will now fetch 2.9%. Deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%.
Term deposits with maturity between 1 year and up to less than 2 years will give 4.9% now instead of 5.1%. FDs maturing in 2 years to less than 3 years will give 5.1%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will continue giving 5.4% interest.
It is worth mentioning that a special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare” deposit scheme has been extended till 31st December 2020
The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for an additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks.
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