OnlineSBI - SBI fixed deposit (FD) interest rate: A day after slashing loan interest rates by a whopping 75 bps, the State Bank of India (SBI) has slashed SBI fixed deposit rates up to 50 bps across tenors for the second time in March 2020. This means depositors who put their money in FDs will get lesser bang for their buck now. In short, they will get lesser returns. The new rates will become effective from 28th March 2020. Earlier, it had slashed SBI FC interest rates on 13th March 2020. The State Bank of India has taken this decision after the Reserve Bank of India (RBI) announced a whopping Repo Rate cut of 75 bps and the CRR (Cash Reserve Ratio) by 1 per cent. This led to ample liquidity to the largest Indian commercial bank and hence it decided to slash the SBI fixed deposit rates today. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

SBI fixed deposit (FD) interest rate: What you get
SBI customers having term deposits below Rs 2 crore will now get an annual interest rates from 20 bps to 50 bps lesser, depending upon the tenure of the fixed deposit.

See Zee Business Live TV streaming below:

For details, click here to know the revised SBI Fixed Deposit interest rates across tenors

However, SBI maintained its policy that the rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50 per cent above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1 per cent) and resident Indian Senior Citizens (0.50 per cent). The interest rate payable to SBI Staff and SBI pensioners will be 1 per cent above the applicable rate.