Country’s largest lender State Bank of India (SBI) revised its interest rates on fixed deposits also known as term deposits. The bank revised FD rates on account of adequate liquidity in the system. The new deposit rates will be effective from today, 10th November. 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 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.
SBI latest FD interest rates (below ₹2 crore) for general public effective 10 November
7 days to 45 days 4.50%
46 days to 179 days 5.50%
180 days to 210 days 5.80%
211 days to less than 1 year 5.80%
1 year to less than 2 year 6.25%
2 years to less than 3 years 6.25%
3 years to less than 5 years 6.25%
5 years and up to 10 years 6.25%
SBI has slashed the interest rate on deposits maturing in 1 year to less than 2 year. Now, with the latest rate cut by SBI, these FDs will fetch you an interest rate of 6.25%. For FDs maturing in 2 years to 10 years, SBI will give 6.25% interest.
SBI latest FD interest rates (below ₹2 crore) for senior citizens effective 10 November
Senior citizens continue to get an additional 50 basis points over the FD interest rates. Senior citizens will get interest ranging from 5% to 6.75% on deposits maturing in 7 days to 10 years
7 days to 45 days 5.00%
46 days to 179 days 6.00%
180 days to 210 days 6.30%
211 days to less than 1 year 6.30%
1 year to less than 2 year 6.75%
2 years to less than 3 years 6.75%
3 years to less than 5 years 6.75%
5 years and up to 10 years 6.75%
Many banks including Axis Bank, HDFC Bank, Punjab National Bank, Kotak Mahindra Bank have also revised FD interest rates in select buckets.