SBI sharply cuts interest rates on fixed deposits (FDs). Latest rates here2 min read . Updated: 07 Feb 2020, 09:55 AM IST
- The latest FD rates on SBI deposits is effective from 10th February
- SBI has kept the rates unchanged on FDs maturing in 7 days to 45 days
A day after Reserve Bank of India's (RBI) monetary policy review meet, country's top lender, State Bank of India (SBI), has announced a cut in retail fixed deposits or FD rates. The latest FD rates on SBI deposits is effective from 10th February. "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 Crs & 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 bank has cut the FD rates across all tenors except for those with maturity period 7 days to 45 days. SBI has kept the rates unchanged on these deposits. Earlier, the bank had cut the FD rates by 15 bps for maturity between one year to less than two years in the month of January.