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.
SBI latest FD interest rates for general public effective 10th February
For FDs maturing in 46 days to 179 days, SBI has cut the interest rate sharply by 50 babsis points (bps). Now, these deposits will fetch an interest rate of 5%. For FDs maturing in 180 days to 210 days and 211 days to less than 1 year, SBI will give an interest rate of 5.50% now. Earlier SBI was giving 5.80% on these deposits. The bank has slashed the interest rate by 10 bps on deposits maturing in 1 year to 10 years. These deposits, which earlier fetched 6.10%, will now give 6% interest.
7 days to 45 days 4.50
46 days to 179 days 5.00
180 days to 210 days 5.50
211 days to less than 1 year 5.50
1 year to less than 2 year 6.00
2 years to less than 3 years 6.00
3 years to less than 5 years 6.00
5 years and up to 10 years 6.00
SBI latest FD interest rates for senior citizens effective 10th February
SBI offers senior citizens’ an additional 50 basis point interest rate across all tenures. For FDs maturing in 7 days to 45 days, SBI will give 5.00%. After the latest rate cut by SBI, deposits maturing in 46 days to 179 days will fetch 5.50% . For FDs maturing in 180 days to 210 days and 211 days to less than 1 year, SBI will give an interest rate of 6%. After the latest revision, SBI will give 6.50% interest to senior citizens for maturity between one year and 10 years.
7 days to 45 days 5.00%
46 days to 179 days 5.50%
180 days to 210 days 6.00%
211 days to less than 1 year 6.00%
1 year to less than 2 year 6.50%
2 years to less than 3 years 6.50%
3 years to less than 5 years 6.50%
5 years and up to 10 years 6.50%
SBI has also cut its lending rates, making home and auto loans cheaper.