OnlineSBI: SBI fixed deposit (FD) interest rate cut by up to 50 bps; check sbi.co.in for latest details

OnlineSBI - SBI fixed deposit (FD) interest rate: A day after slashing loan interest rates by a whopping 75 bps, the State Bank of India (SBI) has slashed SBI fixed deposit rates up to 50 bps across tenors for the second time in March 2020. This means depositors who put their money in FDs will get lesser bang for their buck now. In short, they will get lesser returns. The new rates will become effective from 28th March 2020. Earlier, it had slashed SBI FC interest rates on 13th March 2020. The State Bank of India has taken this decision after the Reserve Bank of India (RBI) announced a whopping Repo Rate cut of 75 bps and the CRR (Cash Reserve Ratio) by 1 per cent. This led to ample liquidity to the largest Indian commercial bank and hence it decided to slash the SBI fixed deposit rates today. 

SBI fixed deposit (FD) interest rate: What you get
SBI customers having term deposits below Rs 2 crore will now get an annual interest rates from 20 bps to 50 bps lesser, depending upon the tenure of the fixed deposit.

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According to the official website of the SBI — onlinesbi.com and sbi.co.in, "Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore 'have been revised." The revised SBI Fixed Deposit interest rates are as under:

SBI fixed deposit (FD) interest rate: Various Tenors
For 7 days to 45 days tenor, revised SBI Fixed Deposit rates applicable from 28th March 2020 is 3.5 per cent per annum instead of existing 4.0 per cent annually. Similarly, for 46 days to 179 days tenor SBI Fixed Deposits, annual returns have been slashed by 0.5 per cent to 4.5 per cent from the existing 5 per cent. For 180 days to 210 days SBI Fixed deposits and for 211 days to less than 1 year tenor SBI Fixed Deposits, the annual interest rates have been slashed from 5.5 per cent to 5 per cent.

For SBI Fixed Deposits for tenor above one year, the SBI Fixed Deposit rates have been cut down by 0.2 per cent or 20 bps. Now, for 1 year to less than 2-year SBI Fixed Deposits, 2 years to less than 3 years SBI FDs, 3 years to less than 5 years and 5 years and up to 10 years tax-saving SBI fixed deposits, the annual interest rates have been revised from 5.9 per cent to 5.7 per cent.

For details, click here to know the revised SBI Fixed Deposit interest rates across tenors

However, SBI maintained its policy that the rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50 per cent above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1 per cent) and resident Indian Senior Citizens (0.50 per cent). The interest rate payable to SBI Staff and SBI pensioners will be 1 per cent above the applicable rate.