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SBI Fixed Deposit rates revised. Check them here.

sbi fd rates

State Bank of India (SBI), one of India’s largest lender has slashed the interest rate on fixed deposits (FDs) or term deposits, by 20-50 basis points (bps) across tenors in that of the retail segment and 50-100 bps in the bulk segment across all the tenors.

These new interest rates are applicable with effect from 28th March 2020 on the FDs. This is also the second rate cut in a month by the SBI. They had cut interest rates earlier this month on FDs on 10th March.

This announcement about the rate cuts came a few hours after the Reserve Bank of India (RBI) reduced the repo rate by 75 bps, the highest cut in the last 15 years.

After RBI Governor Shaktikanta Das announced the repo rate cut, Union Finance Minister Nirmala Sitharaman reminded banks that they need to follow suit by quickly transmitting the benefits of the same.

State Bank of India in a statement said, “Responding to the RBI’s extraordinary monetary policy measures to support the wider economy, the bank passes on the entire 75 basis points (bps) repo rate cut to its borrowers availing loans linked to external benchmark-linked lending rate (EBR) as well as the repo-linked lending rate (RLLR).”

After the latest revision, SBI FDs between 7 days to 45 days will now fetch 3.5%, .and those between 46 days to 179 days will give 4.5%.

Term deposits of 180 days to less than one year will fetch 5% and deposits with maturity between 1 year and up to 10 years will now fetch 5.7%.

SBI is offering senior citizens an additional 50 basis point interest rate across all tenors. After this revision, senior citizens will get 4% to 6% on FDs maturing in 7 days to 10 years.

SBI latest FD interest rates for the general public as effective from 28th March 2020 are given below:

7 days to 45 days: 3.5%

46 days to 179 days: 4.5%

180 days to 210 days: 5%

211 days to less than 1 year: 5%

1 year to less than 2 years: 5.7%

2 years to less than 3 years: 5.7%

3 years to less than 5 years: 5.7%

5 years and up to 10 years: 5.7%