new Delhi. The country's largest state-run State Bank of India (SBI) has dealt a major blow to its crores of customers. SBI has decided to reduce the interest rates on fixed deposits (FD / fixed deposits) for the second time in a month. The bank has reduced interest rates on FDs of all periods by 0.40 per cent (40 basis points). The new rates have come into effect from today i.e. 27 May (Wednesday). SBI has also cut interest on savings account. SBI has given this information on its website.
|Period||New rate for common citizens (in percent)||New rate for senior citizens (in percent)|
|7 to 45 days||2.9||3.4|
|46 to 179 days||3.9||4.4|
|180 to 210 days||4.4||4.9|
|211 days to less than 1 year||4.4||4.9|
|Less than 1 to 2 years||5.1||5.6|
|2 years to less than 3 years||5.1||5.6|
|Under 3 to 5 years||5.3||5.8|
|5 years to 10 years||5.4||6.2|
Apart from this, SBI has also reduced the interest rates on bulk deposits. The bank has cut interest rates by 0.50 per cent (50 bps) on bulk deposits of 2 crores or more. Depositors will now get a maximum of 3% interest on bulk deposits. The new rates under this category have also come into effect from today itself.
SBI had cut interest on fixed deposits (FD) by 0.20 per cent on 12 May itself. After this, SBI had cut the interest on savings account. Under this, 2.75 percent annual interest is being paid on deposits, which was 3 percent earlier.
This post was published on May 27, 2020 3:08 pm
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