Biznextindia : State Bank of India (SBI), India’s largest commercial bank, has reduced interest rates on fixed deposits (FDs) by 40 basis points (bps) across all tenor. The latest FD rates are effective from today i.e. 27 May, SBI said on its website.
The bank has also cut interest rates on bulk deposits (of Rs.2 crore or more) by up to 50 bps. The maximum offered by SBI under this category is 3%. The new rates under this category are also applicable from Wednesday.
Revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) interest rates revised effective from 27 May 2020
(All figures in % per annum)
| Tenors | Existing Rates for Public w.e.f. 12.05.2020 | Revised Rates For Public w.e.f. 27.05.2020 | Existing Rates for Senior Citizens w.e.f. 12.05.2020 | Revised Rates for Senior Citizens w.e.f. 27.05.2020 |
|---|---|---|---|---|
| 7 days to 45 days | 3.30 | 2.90 | 3.80 | 3.40 |
| 46 days to 179 days | 4.30 | 3.90 | 4.80 | 4.40 |
| 180 days to 210 days | 4.80 | 4.40 | 5.30 | 4.90 |
| 211 days to less than 1 year | 4.80 | 4.40 | 5.30 | 4.90 |
| 1 year to less than 2 year | 5.50 | 5.10 | 6.00 | 5.60 |
| 2 years to less than 3 years | 5.50 | 5.10 | 6.00 | 5.60 |
| 3 years to less than 5 years | 5.70 | 5.30 | 6.20 | 5.80 |
| 5 years and up to 10 years | 5.70 | 5.40 | 6.50 | 6.20 |
Revision in Interest Rates on Domestic Bulk Term Deposits (Rs. 2 Crores and above) effective from 27 May 2020
The revised Interest rates on ‘Domestic Bulk Term deposits (Rs.2 Crore and above) will be as per the following table:
(All figures in % per annum)
| Tenors | Existing Rates For Public w.e.f. 25.04.2020 | Revised Rates For Public w.e.f 27.05.2020 | Existing Rates for Senior Citizens w.e.f. 25.04.2020 | Revised Rates for Senior Citizen w.e.f. 27.05.2020 |
|---|---|---|---|---|
| 7 days to 45 days | 3.00 | 2.90 | 3.50 | 3.40 |
| 46 days to 179 days | 3.00 | 2.90 | 3.50 | 3.40 |
| 180 days to 210 days | 3.00 | 2.90 | 3.50 | 3.40 |
| 211 days to less than 1 year | 3.00 | 2.90 | 3.50 | 3.40 |
| 1 year to less than 2 years | 3.00 | 2.90 | 3.50 | 3.40 |
| 2 years to less than 3 years | 3.50 | 3.00 | 4.00 | 3.50 |
| 3 years to less than 5 years | 3.50 | 3.00 | 4.00 | 3.50 |
| 5 years and upto 10 years | 3.50 | 3.00 | 4.00 | 3.50 |