State Bank of India today (23 August 2019) has announced further reduction in fixed deposit (FD) rates. This is the second rate cut on fixed deposits rates in less than 30 days by SBI. The country’s biggest lender has slashed retail deposits rates by 10 to 50 basis points across maturities and bulk deposits by 30 to 70 basis-points across tenors. The modified rates will come into effect from Monday, 26th August 2019. State Bank of India mentioned falling interest rate scenario & surplus liquidity for the latest rate cut on FDs. It had earlier revised fixed deposit rates from 1st August 2019.
Earlier this month, the Reserve Bank of India too had cut its repo rate by 35 basis points, its 4th cut this year. The RBI chief told all the banks to pass on the central bank's rate cuts to borrowers.
Latest SBI FD Rates
SBI latest FD rates (below Rs. 2 crore) for general public with effect from 26 August
|
7 days to 45 days |
4.50% |
|
46 days to 179 days |
5.50% |
|
180 days to 210 days |
6.00% |
|
211 days to less than 1 year |
6.00% |
SBI New FD rates (below Rs. 2 crore) for maturity between 1 year & 3 years
|
1 year to less than 2 year |
6.70% |
|
2 years to less than 3 years |
6.50% |
SBI New FD rates (below Rs. 2 crore) for maturity between 3 years & 10 years
|
3 years to less than 5 years |
6.25% |
|
5 years and up to 10 years |
6.25% |
SBI New FD rates (below Rs. 2 crore) for senior citizens with effect from 26 August
Senior citizens as usual continue to get an extra 50 basis points over fixed deposit rates. SBI has cut the interest rates on FDs for general public and senior citizens across all tenors with effect from coming Monday, 26th August 2019.
For 7 to 45 days, the lender will offer 5 percent rate. For 211 days to less than 1 year, SBI will give an interest rate of 6.5 percent.
|
7 days to 45 days |
5.00% |
|
46 days to 179 days |
6.00% |
|
180 days to 210 days |
6.50% |
|
211 days to less than 1 year |
6.50% |
SBI New FD rates (below Rs 2 crore) for maturity between 1 year & 3 years
For deposits maturing in 1 year to less than 2 years, the bank will give an interest rate of 7.20 percent to the senior citizens.
|
1 year to less than 2 year |
7.20% |
|
2 years to less than 3 years |
7.00% |
SBI New FD rates (below Rs 2 crore) for maturity between 3 years & 10 years
|
3 years to 10 years |
6.75% |
|
3 years to less than 5 years |
6.75% |
|
5 years and up to 10 years |
6.75% |
Meanwhile, the SBI has decided not to lower the savings bank interest rate further and hold the same at the existing level of 3.00 percent for its customers with balances above Rs. 1 lakh. SBI Customers with savings account balance up to Rs. 1 lakh will continue to receive rate of interest at 3.50 percent.
Also it must be noted that from May 2019 onwards, SBI had linked the interest rate on savings bank deposits (for balances more than Rs. 1 lakh) with RBI's repo rate without modifying the rate of 3.50 percent for account balances up to Rs. 1 lakh.
