SBI FD interest rates slashed: Here is what you will get now

The State Bank of India or SBI, has reduced the interest rates on its term deposits by 40 basis points on Wednesday afternoon. This is the second time when the interest rates have been slashed this month. The rate cut applies across all tenors. The sharp cut in SBI's term deposit rates comes after the Reserve Bank of India last week cut repo rate by 40 basis points to 4% from 4.40% earlier.

The bank informed that the interest rates have been reduced on bulk deposits (Rs 2 crore or more) - by 50 basis points. The revised interest rates are applicable from today (May 27). Following this revision, SBI offers maximum interest rate of 5.40% on fixed deposits of five years to 10-year tenor as compared to 5.70% earlier. 

Here are the revised interest rates offered by SBI on term deposits

7 days to 45 days - 2.90%

46 days to 179 days - 3.90%

180 days to 210 days - 4.40%

211 days to less than 1 year - 4.40%

1 year to less than 2 year - 5.10%

2 years to less than 3 years - 5.10%

3 years to less than 5 years - 5.30%

5 years and up to 10 years - 5.40%

The senior citizens will get 50 basis points higher rate on the rates mentioned above except for the 5-10 years tenor in which they will get 80 basis points higher interest as compared to general public.

Earlier, on May 12, SBI had slashed interest rates on term deposits for ‘upto 3 years’ tenor by 20 bps.