Within a week of Reserve Bank of India (RBI) cutting its repo rate by 25 basis points, the largest bank in India – State Bank of India (SBI) – has cut its interest rate on fixed deposits (FDs) by 10 basis points. On an FD of one year, SBI has cut fixed deposit (FD) by 10 basis points from 6.80 percent to 6.7 percent for general citizens.
On an FD of two to three years, SBI has cut its FD interest rate from 7 percent to 6.9 percent. The interest rates which senior citizens are entitled to receive on fixed deposits (FDs) of 1-2 year tenure will also fall from 7.3 percent to 7.20 percent starting today. On a tenure of 2-3 years, senior citizens are entitled to receive 7.4 percent starting today instead of 7.5 percent earlier.
The specific tenor scheme of 444 days (Amrit Vrishti) at rate of interest 7.05 per cent is effective from April 15 and senior citizens are offered a rate of interest 7.55 per cent. Super senior citizens are offered a rate of interest 7.65 per cent.
Other tenures
Interest rates for other tenures will remain the same. For an FD of tenure between 7 to 45 days, the revised rate will continue to be 3.5 percent (4 percent for senior citizens). For 46 to 179 days, revised rate will continue to be 5.5 percent (6 percent for senior citizens).
For 180 to 210 days, revised rate will remain 6.25 percent (general population) and 6.75 percent for senior citizens.
For 211 days to less than one year, revised rate will be 6.5 percent for general citizens and 7 percent for senior citizens. On an FD of 3-5 years, the state lender will offer 6.75 percent to general citizens and 7.25 percent to senior citizens.
On an FD of 5-10 years, the state lender will offer 6.5 percent to general citizens and 7.5 percent to senior citizens.
Visit here for all personal finance updates.
