SBI's reduced interest rates on fixed deposits (FD)s will come into effect from today. The FD rates for the retail segment have been reduced by 10-50 basis points whereas for the bulk segment, they have been cut by 20-50 basis points. This is the ninth time the public service bank has cut key lending rates this financial year.
"In view of surplus liquidity in the system, SBI realigns its interest rate on Retail Term Deposits (less than Rs.2 Crs) and Bulk Term Deposits (Rs.2 Crore & above) w.e.f. February 10, 2020. The bank slashed Term Deposits rates by 10-50 bps in the retail segment and 25-50 bps in the Bulk segment," the official statement read.
SBI FD Rates for the general public
The state lender has decreased FD rates across tenors except for those with a maturity period of 7-45 days. For all the tenors with a maturity period of 46-179 days, SBI has slashed the interest rates by 50 bps. These deposits will have an interest rate of 5 per cent now. For the tenors maturing in 180-211 days to less than a year, the bank will offer an interest rate of 5.5 per cent. For FDs due to mature in 1-10 years, SBI has deducted the interest rates by 10 bps.
SBI FD Rates for senior citizens
SBI is offering an additional 50 basis point interest rate for senior citizens across all tenors. For deposits due to mature in 7-45 days, the bank offers a 5 per cent interest rate. For fixed deposits due to mature in 46-179 days, the bank will offer an interest rate of 5.5 per cent. The state lender will offer an interest rate of 6 per cent for FDs due to mature in a period of 180-211 days. FDs due to mature in 1-10 years will fetch an interest rate of 6.5 per cent.
Where to check latest SBI FD rates
The customers can visit the official SBI website to check the rate cuts. In its official statement, the state lender said that it will reduce its MCLR (marginal cost of funds-based lending rate) by 5 basis points. The MCLR will go from 7.90 per cent to 7.85 per cent, according to the SBI official statement.