The new interest rate will be effective from May 16. Last month, State Bank reduced interest rates on fixed deposits.
Mumbai: The country's largest state-owned financial institution State Bank of India (SBI) has reduced interest rates on all types of fixed deposits by 20 basis points. The decision was announced in a statement by the bank on Monday. The new interest rate will be effective from May 16. Last month, State Bank reduced interest rates on fixed deposits. This interest rate was reduced on April 15. Exactly a month later, State Bank followed suit.
According to the bank's website, after the 20 basis points reduction in all tenors of State Bank, the FD interest rate has been reduced by 3.30 percent to 6.70 percent per annum (excluding special FDs) for general citizens up to Rs 3 crore. Earlier, SBI used to offer interest rates of 3.50 percent to 6.9 percent per annum (excluding special FD deposit interest rates) to its customers for tenors of 7 days to 10 years. Along with this, SBI has reduced the interest rate on its special FD scheme Amrit Bristi by 20 basis points. The fixed tenure of Amrit Bristi scheme is 444 days, which has been reduced from 7.05 percent to 6.85 percent for the general public.
In addition, the interest rate has been fixed at 3.3 percent for a tenure of 7-45 days, 5.3 percent for a tenure of 46-179 days, 6.05 percent for a tenure of 180-210 days, 6.3 percent for a tenure of 211 days to 1 year, 6.5 percent for a tenure of 1-2 years, 6.7 percent for a tenure of 2-3 years, 6.55 percent for a tenure of 3-5 years and 6.3 percent for a tenure of 5-10 years.
Mumbai: The country's largest state-owned financial institution State Bank of India (SBI) has reduced interest rates on all types of fixed deposits by 20 basis points. The decision was announced in a statement by the bank on Monday. The new interest rate will be effective from May 16. Last month, State Bank reduced interest rates on fixed deposits. This interest rate was reduced on April 15. Exactly a month later, State Bank followed suit.
According to the bank's website, after the 20 basis points reduction in all tenors of State Bank, the FD interest rate has been reduced by 3.30 percent to 6.70 percent per annum (excluding special FDs) for general citizens up to Rs 3 crore. Earlier, SBI used to offer interest rates of 3.50 percent to 6.9 percent per annum (excluding special FD deposit interest rates) to its customers for tenors of 7 days to 10 years. Along with this, SBI has reduced the interest rate on its special FD scheme Amrit Bristi by 20 basis points. The fixed tenure of Amrit Bristi scheme is 444 days, which has been reduced from 7.05 percent to 6.85 percent for the general public.
In addition, the interest rate has been fixed at 3.3 percent for a tenure of 7-45 days, 5.3 percent for a tenure of 46-179 days, 6.05 percent for a tenure of 180-210 days, 6.3 percent for a tenure of 211 days to 1 year, 6.5 percent for a tenure of 1-2 years, 6.7 percent for a tenure of 2-3 years, 6.55 percent for a tenure of 3-5 years and 6.3 percent for a tenure of 5-10 years.
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