SBI FD rates: State Bank of India (SBI) announced a cut in retail fixed deposits (FD) rates on Friday. The country's largest lender cut the FD rates by 10-50 basis points (bps) and bulk term deposits by 20-50 bps across tenors, the SBI said in a statement. The bank said that it has taken the action "in view of surplus liquidity in the system."
"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," SBI said in a statement.
The new rates will be effective from February 10. This is SBI's ninth consecutive cut in its key lending rates this financial year.
SBI latest FD interest rates for general public
The state lender has slashed the FD rates across all tenors except for those with maturity period of 7-45 days.
Meanwhile, for FDs for a period of 46-179 days, SBI has slashed the interest rates by 50 bps. These deposits will attract a 5% interest rate now. For deposits maturing in 180-210 days and 211 days to less than one year, the bank will offer an interest rate of 5.50%. SBI has cut the interest rates by 10 bps for FDs maturing in 1-10 years. These FDs will now give a 6% interest.
SBI latest FD interest rates for senior citizens
SBI is offering senior citizens an additional 50 bps interest rate across all tenors. The bank will offer a 5% interest rate for deposits maturing in 7-45 days. For FDs maturing in 46-179 days, the bank is giving 5.50% interest. Deposits maturing in 180-210 days and 211 days to less than one year will fetch a 6% interest. For FDs maturing between 1-10 years, the banks is offering a 6.50% interest rate.
Where to check latest FD rates of SBI
The customers can check the latest FD rate cuts by the SBI on its official website. The bank has detailed the rate cuts effective February 10.
The state lender also said that it will reduce its marginal cost of funds-based lending rate (MCLR) by 5 basis points (0.5 percentage point). The MCLR will stand reduced to 7.85% (for one-year tenor) from 7.90%, the SBI said in a statement.
The announcement came a day after the Reserve Bank of India (RBI) kept repo rate unchanged at 5.15%. Repo rate is the rate at which the RBI lends money to banks.
SBI added its statement that the impact of RBI's recent policy measures as well as reduction in deposit rates will reflect in the next review of MCLR.