Fixed deposit interest rates are subject to change from time to time.State Bank of India (SBI) on Monday said it will reduce interest rate on fixed deposits across all maturities with effect from August 1.
"For time deposits with longer tenors, there is a reduction up to 20 bps (basis points) or 0.2 per cent in the Retail segment and 35 bps or 0.35 per cent in the Bulk segment," SBI, the country's largest lender, said in a statement.
The bank will now offer an interest rate of 5 per cent to general public and 5.5 per cent to senior citizens on fixed deposits of 7-45 days.
Previously, the public sector bank paid interest at the rate of 5.75 per cent and 6.25 per cent to the general public and senior citizens respectively.TenorsExisting rates for public w.e.f.
09.05.2019Revised rates for public w.e.f.
01.08.2019Existing rates for senior citizens w.e.f.
09.05.2019Revised rates for senior citizens w.e.f.
01.08.20197 days to 45 days5.75%5%6.25%5.5%46 days to 179 days6.25%5.75%6.75%6.25%180 days to 210 days6.35%6.25%6.85%6.75%211 days to less than 1 year6.4%6.25%6.9%6.75%1 year to less than 2 year7%6.8%7.5%7.3%2 years to less than 3 years6.75%6.7%7.25%7.2%3 years to less than 5 years6.7%6.6%7.2%7.1%5 years and up to 10 years6.6%6.5%7.1%7%(Source: sbi.co.in)Fixed deposit interest rates are subject to change from time to time.
Last week, private sector lender HDFC Bank revised its fixed deposit interest rates on select maturities.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India.
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.