SBI New FD Rates: Are you holding SBI fixed deposits or FD accounts? Then you need to know that India's largest lender, State Bank of India (SBI) has sharply cut its interest rates on FDs. SBI announced a cut in retail fixed deposits rates, day after Reserve Bank of India's (RBI) monetary policy review meet. The latest FD rates on SBI deposits is effective from 10th February (Today).
This is bad news for those banking on fixed deposits (FD) of SBI Bank as they will have to settle for a little less from 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 per cent as against 6.10 per cent earlier. The current rate of interest on 1-year SBI FD is 6 per cent per annum, down from 6.10 per cent 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 per cent will continue as before.
The immediate impact will be on those depositors who have their FDs coming up for renewal in the coming days or weeks.
Earlier, there was a revision made by SBI in the savings bank account rate of interest. The interest rate on savings bank deposits effective September 1, 2019, with balances up to Rs. 1 lakh was 3.5 per cent.