SBI interest rate cut on fixed deposits, bulk deposits; check now

SBI Alert: The State Bank of India (SBI) has cut fixed deposit interest rates for the second time in one month. The SBI FD rates will be effective from 10th March 2020. Earlier, the largest Indian commercial bank had cut SBI fixed deposit interest rates on 10th February 2020. However, senior citizen depositors would continue to fetch 0.5 per cent higher returns on the SBI fixed deposits across all tenors. For more details, one can log in to the official website of the SBI — sbi.co.in.

The SBI fixed deposit interest rate (below Rs 2 crore) effective from 10th March 2020 says that SBI FD for the period of 7  days to 45 days will now fetch 4 per cent interest rate instead of 4.5 per cent. The SBI has left fixed deposit interest rates unchanged for the period of 46 days to 179 days, 180 days to 210 days and 211 days to less than 1 year at 5 per cent, 5.5 per cent and 5.5 per cent respectively.

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SBI fixed deposit interest rate for the tenor of 1 year to less than 2 years is now 5.9 per cent instead of 6.0 per cent. SBI FD rate for 2 years to less than 3 years and 3 years to less than 5 years tenor will also fetch 5.9 per cent interest returns. While SBI tax saving fixed deposits for give years and above would also garner 5.9 per cent returns instead of earlier announced an interest rate of 6.0 per cent. So, from 10th March 2020, SBI fixed deposit interest rate would have a range of 4 per cent to 5.9 per cent.

Courtesy: sbi.co.in

According to the official website of the SBI — sbi.co.in — the SBI Fixed Deposit interest rate payable to SBI Staff and SBI pensioners will be 1 per cent above the applicable fixed deposit interest rates. 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 SBI also cut down interest rates on bulk deposits (Rs 2 crore and above) on tenor 211 days and above by 15 bps. From now onwards, the SBI bulk deposit of Rs 2 crore or above on tenors of 211 days or above will fetch 4.6 per cent interest instead of 4.75 per cent returns. The premature penalty for Bulk Term Deposits for all tenors will be 1%. It will be applicable for all new deposits including renewals. There is no discretion for the reduction or waiver of penalty for premature withdrawal of term deposit.

Courtesy: sbi.co.in

The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.