Latest SBI FD rates: Check new State Bank of India term deposit interest rate after recent cut
The country's largest bank, the State Bank of India (SBI) has changed the rates of fixed deposits (FD). The change has come into effect from November 10 and the new FD rates are applicable for retail as well as bulk term deposits.
The country's largest bank, the State Bank of India (SBI) has changed the rates of fixed deposits (FD). The change has come into effect from November 10 and the new FD rates are applicable for retail as well as bulk term deposits. SBI has taken this decision to maintain adequate liquidity in the bank. The bank has cut the interest rate on FD (retail deposits with maturity up to 2 years) by 0.15 percent. Similarly, the interest rate in bulk term deposits (Fixed maturity period) has been reduced from 0.30 percent to 0.75 percent.
Ever since the RBI has cut the repo rate, most of the banks have announced a rate cut in their FDs. While SBI pays 4.50 to 5.50 percent interest on FDs ranging from 7 days to 45 days and from 46 days to 179 days. According to SBI's website, SBI will pay 5.80 percent interest on an FD that matures from 180 days to 210 days and from 211 days to less than one year. Here are the new FD rates applicable from November 10.
New rates of retail FDs below Rs 2 crore (in percentage per annum)
New rates of retail FDs above Rs 2 crore (in percentage per annum)
SBI has cut interest on the FDs with less than one year to less than two years of maturity, which will now become 6.25 percent annually. Also, the FD that will be matured in two years to 10 years will get a 6.25 percent interest only.
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While senior citizens will get 0.50 percent more interest as earlier. Recently, Axis Bank, HDFC Bank, Punjab National Bank, Kotak Mahindra Bank have also cut their FD rates.
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