State Bank of India (SBI) has revised interest rates offered on its fixed deposits (FD). The rates have been changed on select maturities for 1 year period to less than 2 year period
State Bank of India (SBI) has revised interest rates offered on its fixed deposits (FD). The rates have been changed on select maturities for 1 year period to less than 2 year period by 20 basis points (bps). It was in May that SBI had last revised the interest rates on FDs.
The rates will be effective from September 10 and will be made applicable to fresh deposits and renewals of maturing deposits
SBI will now offer 2.9 per cent interest rate on FDs between 7 to 45 days. Similarly, term deposits between 46 to 179 days will fetch an interest rate of 3.9 per cent. The fixed deposits of 180 days to less than a year will give 4.4 per cent. Schemes with maturity between 1 and up to less than 2 years will fetch 4.9 per cent now.
The FDs that will mature in 2 years to less than 3 years will fetch 5.1 per cent. The fixed deposits with 3 years to less than 5 years will offer 5.3 per cent. The term deposits that will mature in 5 years and up to 10 years will continue to fetch 5.4 per cent.
An additional 50 bps interest rate will be given to the senior citizens across all tenors from now onwards. It implies that senior citizens will now get 3.4 per cent to 6.2 per cent on fixed deposits that will mature in 7 days to 10.