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SBI's new FD rates come into effect. Check the rates here

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Last Updated: May 18, 2020, 09.41 AM IST
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Summary As per the latest interest rate updated on SBI website, FDs between 7 days to 45 days will now fetch 3.3%. FDs between 46 days to 179 days will give 4.3%. And, FD with maturity between one year and up to three years will give 5.5%.​​

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Revised fixed deposit interest rates are effective from May 12, 2020
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The State Bank of India (SBI) has announced that interest rates on fixed deposits (FDs) with tenors up to three years will be slashed by 20 bps (100 basis points/bps = 1 percent). The lower rates have come into effect from May 12, 2020.

According to the SBI website, FDs between 7 days and 45 days will now fetch 3.3 per cent. FDs between 46 days and 179 days will fetch 4.3 per cent, 180 days to less than one year will earn 4.8 per cent, and FDs rates with maturity between one year and up to three years will earn a return of 5.5 per cent per annum.

However, fixed deposits maturing in three years and up to 10 years will continue to earn the same interest rate, that is, 5.7 percent as the bank has kept rates unchanged for these tenors.

Do keep in mind that latest interest rates will applicable to fresh deposits and renewals of maturing deposits.

Revised fixed deposit interest rates for individuals effective from May 12, 2020
Tenors Existing Rates for Public w.e.f. 28.03.2020 Revised Rates For Public w.e.f. 12.05.2020
7 days to 45 days 3.5 3.3
46 days to 179 days 4.5 4.3
180 days to 210 days 5 4.8
211 days to less than 1 year 5 4.8
1 year to less than 2 year 5.7 5.5
2 years to less than 3 years 5.7 5.5
3 years to less than 5 years 5.7 5.7
5 years and up to 10 years 5.7 5.7
Source: SBI Website

Similarly, the bank has reduced FD rates for senior citizens for up to three years as well. However, fixed deposits maturing in three years and up to five years and FDs maturing in five years and up to ten years will continue to fetch the same interest rate, that is, 6.2 per cent and 6.5 per cent, respectively.

Revised fixed deposit interest rates for senior citizens effective from May 12, 2020

Tenors Existing Rates for Senior Citizens w.e.f. 28.03.2020 Revised Rates for Senior Citizens w.e.f. 12.05.2020
7 days to 45 days 4 3.8
46 days to 179 days 5 4.8
180 days to 210 days 5.5 5.3
211 days to less than 1 year 5.5 5.3
1 year to less than 2 year 6.2 6
2 years to less than 3 years 6.2 6
3 years to less than 5 years 6.2 6.2
5 years and up to 10 years 6.2 6.5
Source: SBI Website

Even though the bank has cut interest rates on certain fixed deposits, it has also launched an exclusive FD product to safeguard the interests of senior citizens in the current falling rate regime. The product, SBI Wecare Deposit, "will earn an additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for Public i.e. 80 bps over card rate for Public," stated the bank's website. Seniors can start investing in this scheme from May 12 and it will be in effect up to September 30, 2020.
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