SBI slashes fixed deposit rates by 15 bps

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Mumbai : State Bank of India, India’s largest lender has reduced interest rates on retail  term deposits  of certain tenures by 15 basis points (bps).The new rates has been made affective from 10th of January.

According to the bank’s website, fixed deposits with tenures more than 1 year and upto 10 years will now fetch 6.10% interest, from 6.25% earlier.  For senior citizens, the deposits rates have also been reduced to 6.6% from 6.75% earlier.

“ The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%)” SBI said.

“The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks” SBI added.

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