India’s biggest bank, State Bank of India (SBI), has cut interest rates on fixed deposits (FDs) for the second time in a month.
The bank had revised the rates earlier on February 10 which came into effect on March 10.
The latest rate cut saw a reduction of 0.5 per cent for FDs between 7 days to 45 days and 0.1 per cent for those above a year.
SBI’s latest FD rates for general public are:
7 days to 45 days – 4%
46 days to 179 days – 5%
180 days to 210 days – 5.5%
211 days to less than 1 year – 5.5%
1 year to less than 2 year – 5.9%
2 years to less than 3 years – 5.9%
3 years to less than 5 years – 5.9%
5 years and up to 10 years – 5.9%
SBI’s latest FD rates for senior citizens are:
7 days to 45 days – 4.5%
46 days to 179 days – 5.5%
180 days to 210 days – 6%
211 days to less than 1 year – 6%
1 year to less than 2 year – 6.4%
2 years to less than 3 years – 6.4%
3 years to less than 5 years – 6.4%
5 years and up to 10 years – 6.4%The rates will be applicable for fresh deposits as well as renewals of maturing deposits, SBI said.
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