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Millions of SBI customers shocked, interest rates on FD so low, Check here new rates

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SBI Interest rate on Fd

SBI Fixed Deposit New Interest Rates

If you are the customer of State Bank of India (SBI), the country’s largest government bank, then it is not good news for you. SBI has cut interest rates on retail fixed deposits ie FD. According to the information given on the bank’s website, the rates of FD maturing in the period of 1 year to 10 years have been cut. There is no change in rates on FDs from 7 days to 1 year. The new interest rates have come into effect from 10 January 2020. Earlier in November 2019, the bank had cut interest rates on FDs ranging from 1 year to less than 2 years. Explain that due to continuous reduction in repo rate by RBI, all banks including SBI have cut interest rates on fixed deposits.

New rates on FDs below 2 crore

Duration new rate old rate

7 days to 45 days: 4.50% 4.50%
46 days to 179 days: 5.50% 5.50%
180 days to 210 days: 5.80% 5.80%
211 days to less than 1 year: 5.80 % 5.80%
from 1 year to less than 2 years: 6.10% 6.25%
from 2 years to less than 3 years: 6.10% 6.25%
from 3 years to less than 5 years: 6.10% 6.25% from
5 years to 10 years For up to: 6.10% 6.25%

For Senior Citizens

Duration new rate old rate

7 days to 45 days: 5.0% 5.0%
46 days to 179 days: 6.0% 6.0%
180 days to 210 days: 6.30% 6.30%
211 days to less than 1 year: 6.30 % 6.30%
from 1 year to less than 2 years: 6.75% 6.60%
from 2 years to less than 3 years: 6.75% 6.60%
from 3 years to less than 5 years: 6.75% 6.60% from
5 years to 10 years For up to: 6.75% 6.60%

Also Read : If You Are A SBI Customer, Then Update Your Mobile Number And Email ID From Home, This Is A Process

Reduction of 15 basis points for different periods

There has been no change in interest rates on FDs ranging from 7 days to 45 days, 46 days to 179 days, 180 days to 210 days and 211 days to less than 1 year. At the same time, the rates on FDs of different duration from 1 year to 10 years have been reduced by 15 basis points. Rates for senior citizens have also been reduced during these periods.

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