SBI gives zest, lowers interest rates on FDs, find out new rates

New Delhi, 13 September 2020 Sunday

State Bank of India (SBI), the country's largest state-owned bank, has slashed interest rates on fixed deposits (FDs), again hurting its customers. SBI has slashed interest rates on retail domestic term deposits of less than Rs 2 crore by 0.20 per cent per annum. The new interest rates are effective September 10, 2020. Earlier on May 27, the bank had reduced the interest rate on fixed deposits.

The interest rates applicable from September 10 are as follows

7 to 45 days: interest rate 2.90 percent

46 to 179 days: interest rate 3.90 percent

180 to 210 days: interest rate 4.40 percent

211 days to 1 year: interest rate 4.40 per cent

1 to 2 years: interest rate 4.90 percent

2 to 3 years: interest rate 5.10 per cent

3 to 5 years: interest rate 5.30 per cent

5 to 10 years: interest rate 5.40%

FD interest rates for senior citizens

7 to 45 days: interest rate 3.40 percent

Day 46 to 179: Interest rate 4.40%

180 to 210 days: interest rate 4.90 percent

211 days to 1 year: interest rate 4.90 percent

1 to 2 years: interest rate 5.40%

2 to 3 years: interest rate 5.60 percent

3 to 5 years: interest rate 5.80 percent

5 to 10 years: Interest rate 6.20%

Apart from this, the bank launched FD product 'SBI Wicker Deposit' for senior citizens. In this, senior citizens will get an additional premium of 30 basis points on retail term deposits for a period of 5 years or more. The SBI Wicker Deposit Scheme will continue till 31st December 2020.