Earlier, the country’s largest bank reduced interest rates on FD on 27 May.
State Bank of India has reduced interest rates on fixed deposits from 10 September 2020. State Bank of India has reduced interest on retail domestic fixed deposits of less than Rs 2 crore by 0.20 per cent for a period of 1-2 years. The new interest rates have come into force from 10 September 2020. Earlier, the country’s largest bank reduced interest rates on FD on 27 May.
SBI’s new interest rate will be effective on renewal of fresh deposits and matured deposits. Interest rate on SBI FDs with a maturity of seven days to 45 days has been increased to 2.9 per cent, interest rates on FDs of 46 days to 179 days to 3.9%, interest rates on FDs of 180 days to less than one year has gone up to 4.4 per cent.
Apart from this, the interest rate on SBI FDs with maturity of less than one year and up to two years has come down to 4.9 percent. The bank launched an FD product SBI V Care Deposit for senior citizens.
In this, senior citizens are getting an additional premium of 30 basis points on retail term deposits for a period of 5 years or more. SBI V Care Deposit Scheme continues till 31 December 2020.
| Period | Rate of interest | Rates for senior citizens | |
| 7 to 45 days | 2.90% | 3.40% | |
| 46 to 179 days | 3.90% | 4.40% | |
| 180 to 210 days | 4.40% | 4.90% | |
| 211 days to 1 year | 4.40% | 4.90% | |
| 1 to 2 years | 4.90% | 5.40% | |
| 2 to 3 years | 5.10% | 5.60% | |
| 3 to 5 years | 5.30% | 5.80% | |
| 5 to 10 years | 5.40% | 5.90% |
Source: economictimes.indiatimes.com
