The bank reduced domestic retail term deposit(TD) interest rates by 20 bps to 50 bps across tenors and bulk TD interest rates reduced by 50 bps to 100 bps across tenors.
According to the latest revision, SBI FDs between 7 days to 45 days will now fetch 3.5%, from 4% earlier. FDs between 46 days to179 days will fetch 4.5% instead of 5%.FDs of 180 days to less than one year will fetch 5% instead of 5.5%. SBI fixed deposits between 1 year and up to 10 years will now fetch 5.7% from 5.9% earlier.
SBI said senior citizens will continue to get 50 basis points higher interest rates than offered to general public. These rates are applicable on retail fixed deposits of less than ₹2 crore.
According to the latest revision, SBI FDs between 7 days to 45 days will now fetch 3.5%, from 4.0% earlier.