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  4. SBI Customer Attention! Bank revises its interest rates on THESE fixed deposits. Check new FD rates

SBI Customer Attention! Bank revises its interest rates on THESE fixed deposits. Check new FD rates

State Bank of India (SBI), India's largest public sector bank had revised fixed deposit rates or FD rates by 15 basis points for deposits for one year to less than two years maturity. The bank revised FD rates on account of adequate liquidity in the system. The new FD rates will be effective from today, i.e 10th November.

India TV Business Desk India TV Business Desk
New Delhi Updated on: November 10, 2019 22:52 IST
SBI Customer Attention! Bank revises its interest rates on

SBI Customer Attention! Bank revises its interest rates on THESE fixed deposits. Check new FD rates

State Bank of India (SBI), India's largest public sector bank had revised fixed deposit rates or FD rates by 15 basis points for deposits for one year to less than two years maturity. The bank revised FD rates on account of adequate liquidity in the system. The new FD rates will be effective from today, i.e 10th November.

“In view of adequate liquidity in the system, SBI revises its interest rates on Term Deposits w.e.f. 10th Nov’ 2019. Retail TD interest rate reduced by 15 bps for ‘1 Year to less than 2 years’ tenor. Bulk TD interest rates reduced by 30 to 75 bps across tenors,” stated the press release.

SBI has reduced interest rate on retail term deposit by 15 basis points for one year to less than two years' tenor. Bulk term deposit interest rates have been reduced by 30 to 75 bps across tenors. 

Many banks including ICICI, HDFC have been lowering the interest on FD after RBI rate cuts. For FDs maturing in 7 days to 45 days and 46 days to 179 days, SBI gives 4.50% and 5.50% respectively. 

For FDs maturing in 180 days to 210 days and 211 days to less than 1 year, SBI will give an interest rate of 5.80%. SBI had earlier revised interest rates on fixed deposits on 10th October.

Interest rates applicable to retail and bulk fixed deposits with effect from November 10:

 

Retail domestic term deposits (below Rs. 2 crore)

Maturity period Existing interest rate Revised interest rate (with effect from November 10)
  Public Senior citizen Public Senior citizen
Seven to 45 days 4.5% 5% 4.5% 5%
46 days to 179 days 5.5% 6% 5.5% 6%
180 days to 210 days 5.8% 6.3% 5.8% 6.3%
211 days to less than one year 5.8% 6.3% 5.8% 6.3%
One year to less than two years 6.4% 6.9% 6.25% 6.75%
Two years to less than three years 6.25% 6.75% 6.25% 6.75%
Three years to less than five years 6.25% 6.75% 6.25% 6.75%
Five years and up to 10 years 6.25% 6.75% 6.25% 6.75%

Domestic Bulk Term Deposits (Rs. 2 crore and above)

Maturity period Existing interest rate Revised interest rate (with effect from November 10)
  Public Senior citizen Public Senior citizen
Seven to 45 days 4.3% 4.8% 4% 4.5%
46 days to 179 days 5.3% 5.8% 4.75% 5.25%
180 days to 210 days 5.7% 6.2% 5.25% 5.75%
211 days to less than one year 5.7% 6.2% 5.25% 5.75%
One year to less than two years 6% 6.5% 5.25% 5.75%
Two years to less than three years 6% 6.5% 5.25% 5.75%
Three years to less than five years 5.75% 6.25% 5.25% 5.75%
Five years and up to 10 years 5.75% 6.25% 5.25% 5.75%

SBI has lowered the interest rates applicable to fixed deposits above Rs. 2 crore by 30-75 basis points.

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