Alert SBI Customers: State Bank of India Again Cuts FD Rates: Here’s the New Fixed Deposits Interest Rates for General Public, Senior Citizens

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, 26^th 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 1^st 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

SBI New FD rates (below Rs. 2 crore) for maturity between 1 year & 3 years

 SBI New FD rates (below Rs. 2 crore) for maturity between 3 years & 10 years

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, 26^th 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.

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.

SBI New FD rates (below Rs 2 crore) for maturity between 3 years & 10 years

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.