" SBI cuts interest rates on fixed deposits on select tenors ".

 

The country's largest lender State Bank of India (SBI) has reduced interest rates on select tenors of fixed deposits with effect from 10 September.

SBI had reduced in fixed deposits interest rates once on May 27 and once on May 12. The new rates of interest, effective from September 10 shall be made applicable to fresh deposits and renewals of maturing deposits.

"Revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) interest rates revised w.e.f. 10.09.2020. Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore 'have been revised," as per the SBI website.

Here are the new rates:

Tenors	Existing Rates for Public w.e.f. 27.05.2020	Revised Rates For Public w.e.f. 10.09.2020	Existing Rates for Senior Citizens w.e.f. 27.05.2020	Revised Rates for Senior Citizens w.e.f. 10.09.2020
7 days to 45 days	2.90	2.90	3.40	3.40
46 days to 179 days	3.90	3.90	4.40	4.40
180 days to 210 days	4.40	4.40	4.90	4.90
211 days to less than 1 year	4.40	4.40	4.90	4.90
1 year to less than 2 year	5.10	4.90	5.60	5.40
2 years to less than 3 years	5.10	5.10	5.60	5.60
3 years to less than 5 years	5.30	5.30	5.80	5.80
5 years and up to 10 years	5.40	5.40	6.20	6.20

It may be noted that a special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare” deposit scheme stands extended till 31st December, 2020, the SBI website said.

"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%)," it said.