State Bank of India (SBI), today has announced a cut in retail fixed deposit or FD rates, citing adequate liquidity in the system. The revision will be effective from 10th November. Many banks have been lowering their deposit rates after Reserve Bank of India or RBI cut deposit rates by a cumulative 135 basis points so far this year. As part of the latest rates revision, SBI will cut the interest rate of FD rates by 15 bps for maturity between one year to less than two years.
SBI has also slashed interest rates on bulk deposits (above Rs 2 crore) by 30-75 bps across tenors. India’s biggest bank also today announced a cut in its MCLR by 5 bps across all tenors. The one-year MCLR comes down to 8 per cent per annum from 8.05 per cent per annum with effect from 10th November 2019. This is the seventh consecutive cut in MCLR in FY 2019-20.
SBI latest FD rates for the general public
7 days to 45 days 4.50%
46 days to 179 days 5.50%
180 days to 210 days 5.80%
211 days to less than 1 year 5.80%
1 year to less than 2 year 6.25%
2 years to less than 3 years 6.25%
3 years to less than 5 years 6.25%
5 years and up to 10 years 6.25%
SBI latest FD rates for senior citizens
7 days to 45 days 5.00%
46 days to 179 days 6.00
180 days to 210 days 6.30
211 days to less than 1 year 6.30
1 year to less than 2 year 6.75
2 years to less than 3 years 6.75
3 years to less than 5 years 6.75
5 years and up to 10 years 6.75
Read EquityPandit’s Nifty Outlook for the Week