SBI new fixed deposit (FD) rates from today. Latest rates here

The country's largest lender, State Bank of India (SBI), has slashed the interest rate on fixed deposits (FDs), also known as term deposits by 20-50 basis points (bps) across tenors in the retail segment and 50-100 bps in the bulk segment across all tenors. These interest rates are applicable with effect from today (28 March 2020) on the FDs. This is the second rate cut in a month. Earlier the bank had cut interest rates on FDs on 10 March. The announcement came hours after the Reserve Bank of India (RBI) reduced the repo rate by 75 bps, the highest cut in 15 years. After RBI Governor Shaktikanta Das announced repo rate cut, Union Finance Minister Nirmala Sitharaman reminded banks that they need to follow suit by quickly transmitting the benefits.

"Responding to the RBI's extraordinary monetary policy measures to support the wider economy, the bank passes on the entire 75 basis points (bps) repo rate cut to its borrowers availing loans linked to external benchmark-linked lending rate (EBR) as well as repo-linked lending rate (RLLR)," SBI said in a statement.

After the latest revision, SBI FDs between 7 days to 45 days will now fetch 3.5%, .Term deposits between 46 days to 179 days will give 4.5%. FDs of 180 days to less than one year will fetch 5%. Deposits with maturity between 1 year and up to 10 years will now fetch 5.7%.

SBI offers senior citizens’ an additional 50 basis point interest rate across all tenors. After today's revision, senior citizens will get 4% to 6% on FDs maturing in 7 days to 10 years.

SBI latest FD interest rates for general public effective 28 March

7 days to 45 days - 3.5%

46 days to 179 days - 4.5%

180 days to 210 days- 5%

211 days to less than 1 year - 5%

1 year to less than 2 year- 5.7%

2 years to less than 3 years - 5.7%

3 years to less than 5 years - 5.7%

5 years and up to 10 years - 5.7%