SBI customers blow again! Interest rates down to 50 basis points on FD, check revised rate

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SBI FD Rates: State Bank of India (SBI) has once again shocked its millions of customers.

SBI Fixed Deposit New Interest Rates

State Bank of India (SBI), the country’s largest public sector bank, has once again shocked its millions of customers. The very next day of the RBI Monetary Policy, SBI has cut the interest rates on retail fixed deposits i.e. FD. According to the information given on the bank’s website, the rates of FD getting matured in a period of 46 days to 10 years have been cut. The interest rates on FDs of different duration have been cut from 10 basis points to 50 basis points. There is no change in the interest rates on FDs from 7 days to 45 days. The new interest rates are applicable from 10 February 2020. Earlier, in January 2020 and November 2019, the bank had cut FD interest rates. Explain that due to continuous reduction in the repo rate by RBI in the past, all banks including SBI have cut interest rates on fixed deposits.

New rates on FDs below 2 crore

Period Old Rate New Rate

7 days to 45 days: 4.50% 4.50%
46 days to 179 days: 5.50% 5.00%
180 days to 210 days: 5.80% 5.50%
211 days to less than 1 year: 5.80 % 5.50%
from 1 year to less than 2 years: 6.10% 6.00%
from 2 years to less than 3 years: 6.10% 6.00%
from 3 years to less than 5 years: 6.10% 6.00% from
5 years to 10 years For up to: 6.10% 6.00%

For Senior Citizens

Period Old Rate New Rate

7 days to 45 days: 5.00% 5.00%
46 days to 179 days: 6.00% 5.50%
180 days to 210 days: 6.30% 6.00%
211 days to less than 1 year: 6.30 % 6.00%
from 1 year to less than 2 years: 6.60% 6.50%
from 2 years to less than 3 years: 6.60% 6.50%
from 3 years to less than 5 years: 6.60% 6.50% from
5 years to 10 years Upto: 6.60% 6.50%

Reduction of up to 50 basis points for different periods

There has been no change in the period from 7 days to 45 days. Whereas FDs of 46 days to 179 days have been cut from 50 basis points. On FDs ranging from 180 days to 210 days and 211 days to less than 1 year, the interest rates have been cut by 30 basis points. At the same time, 10 basis points have been cut in rates on FDs of different duration from 1 year to 10 years. Rates for senior citizens have also been reduced over the same period.

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