State Bank of India or SBI, country’s largest lender, has reduced fixed deposit (FD) interest rates across all maturities. The SBI FD rates has been lowered by 20-25 basis points (or 0.20-0.25 percentage point) across tenors in the retail segment, and bulk segment has seen a reduction of 10-20 basis points (or 0.10-0.20 percentage point). The new rates are effective from today. “In view of the falling interest rate scenario and surplus liquidity, SBI realigns its interest rate on fixed deposits,” the bank said in a statement.
The bank now offers an interest rate of 4.5 per cent to general public and 5 per cent to senior citizens on fixed deposits of below Rs. 2 crore for a tenor of 7-45 days
Fixed deposit interest rates are subject to change from time to time. Earlier, SBI revised its FD rates on August 26. HDFC Bank and Punjab National Bank (PNB) also revised their fixed deposit (FD) interest rates recently.