The country’s largest lender, the State Bank of India (SBI), has reduced interest rates on fixed deposits (FDs) for certain tenures by 15 basis points (bps) (100 bps = 1 percentage). The new rates came into effect from January 10, 2020 and for those FDs below Rs 2 crore.
The bank has cut rates on long-term fixed deposits maturing in 1 year to 10 years. According to the bank's website, FDs with tenures of more than one year will now fetch 6.1 per cent, down from 6.25 per cent. For senior citizens, the FDs will return 6.6 per cent, down from 6.75 per cent earlier.
Revised fixed deposit interest rates w.e.f. January 10, 2020
Date sourced from SBI website
The bank has cut rates on long-term fixed deposits maturing in 1 year to 10 years. According to the bank's website, FDs with tenures of more than one year will now fetch 6.1 per cent, down from 6.25 per cent. For senior citizens, the FDs will return 6.6 per cent, down from 6.75 per cent earlier.
Revised fixed deposit interest rates w.e.f. January 10, 2020
| Tenors | Existing Rates for Public w.e.f.10.11.2019 | Revised Rates For Public w.e.f.10.01.2020 | Existing Rates for Senior Citizens w.e.f. 10.11.2019 | Revised Rates for Senior Citizens w.e.f. 10.01.2020 |
| 7 days to 45 days | 4.5 | 4.5 | 5 | 5 |
| 46 days to 179 days | 5.5 | 5.5 | 6 | 6 |
| 180 days to 210 days | 5.8 | 5.8 | 6.3 | 6.3 |
| 211 days to less than 1 year | 5.8 | 5.8 | 6.3 | 6.3 |
| 1 year to less than 2 years | 6.25 | 6.1 | 6.75 | 6.6 |
| 2 years to less than 3 years | 6.25 | 6.1 | 6.75 | 6.6 |
| 3 years to less than 5 years | 6.25 | 6.1 | 6.75 | 6.6 |
| 5 years and up to 10 years | 6.25 | 6.1 | 6.75 | 6.6 |
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18 Comments on this Story
 | Rahul Verma372 days ago why |
| Ganapathi Mohan NV372 days ago Did anybody think how the Retired people from Privarte companies survive in India?? Why we are we copying west for reducing interest rates. Are you aware that in US takes care of Senior citizens irrespective of Govt or private employees? The Govt servants get pension and DA! Hence I request Govt to think about the survival of senior citizens from private companies and allow to earn interest @ 8 to 9 % at least irrespective of Govts policy of reducing interest rates to benefit borrowers. |
| Enagula nath373 days ago Extort from poor to makeup for the loot made by big business men and bank officials.The sham by UPA politicians |
