State Bank of India (SBI) has revised downwards its term deposit interest rates by up to 0.50%, or 50 basis points with effect from Monday, February 10, 2020. The new rates of interest shall be applicable to all fresh fixed deposits and renewals of maturing term deposits.
New Delhi (Delhi, India), February 07, 2020
The State Bank of India (SBI), the country’s largest lender, has decreased its term deposit interest rates for amount less than ₹2 crore for Domestic, NRE, and NRO Term Deposits by up to 0.50 percent, or 50 basis points with effect from Monday, February 10, 2020.
The decision to cut the fixed deposit interest rates was taken by the Asset and Liability Committee (ALCO) of State Bank of India.
The new rates of interest shall be applicable to all fresh fixed deposits and on renewals of maturing term deposits.
Last Revised On: February 10, 2020
7 Days to 45 Days FD Interest Rate: 4.50% Per Annum
46 Days to 179 Days FD Interest Rate: 5.00% Per Annum
180 Days to 210 Days FD Interest Rate: 5.50% Per Annum
211 Days to Less Than 1 Year FD Interest Rate: 5.50% Per Annum
1 Year to Less Than 2 Years FD Interest Rate: 6.00% Per Annum
2 Years to Less Than 3 Years FD Interest Rate: 6.00% Per Annum
3 Year to Less Than 5 Years FD Interest Rate: 6.00% Per Annum
5 Years and up to 10 Years FD Interest Rate: 6.00% Per Annum
7 Days to 45 Days FD Interest Rate: 5.00% Per Annum
46 Days to 179 Days FD Interest Rate: 5.50% Per Annum
180 Days to 210 Days FD Interest Rate: 6.00% Per Annum
211 Days to Less Than 1 Year FD Interest Rate: 6.00% Per Annum
1 Year to Less Than 2 Years FD Interest Rate: 6.50% Per Annum
2 Years to Less Than 3 Years FD Interest Rate: 6.50% Per Annum
3 Year to Less Than 5 Years FD Interest Rate: 6.50% Per Annum
5 Years and up to 10 Years FD Interest Rate: 6.50% Per Annum
1 Year to Less Than 2 Years FD Interest Rate: 6.00% Per Annum
2 Years to Less Than 3 Years FD Interest Rate: 6.00% Per Annum
3 Year to Less Than 5 Years FD Interest Rate: 6.00% Per Annum
5 Years and up to 10 Years FD Interest Rate: 6.00% Per Annum
7 Days to 45 Days FD Interest Rate: 4.50% Per Annum
46 Days to 179 Days FD Interest Rate: 5.00% Per Annum
180 Days to 210 Days FD Interest Rate: 5.50% Per Annum
211 Days to Less Than 1 Year FD Interest Rate: 5.50% Per Annum
1 Year to Less Than 2 Years FD Interest Rate: 6.00% Per Annum
2 Years to Less Than 3 Years FD Interest Rate: 6.00% Per Annum
3 Year to Less Than 5 Years FD Interest Rate: 6.00% Per Annum
5 Years and up to 10 Years FD Interest Rate: 6.00% Per Annum
Definition of a Senior Citizen: A senior citizen is defined as a person above the age of 60 years. The interest rates for the Senior Citizens are applicable only to the Resident Indians on Domestic Fixed Deposits. In case of the Joint Account Holders, where one of the account holder is a Senior Citizen, the Senior Citizen Term Deposit Interest Rate will only be applicable if the Senior Citizen is the ‘First Holder’ on the said term deposit.
SBI Staff and SBI Pensioners: The interest rate payable to the SBI Staff and SBI pensioners will be 1.00 percent above the applicable interest rate. The interest rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50 percent above the rate payable for all maturity periods to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1.00 percent) and resident Indian Senior Citizens (0.50 percent). However, NRO deposits of the SBI Staff are not eligible for additional 1 percent interest, which is otherwise applicable to the SBI staff domestic term deposits.
Bulk Term Deposits: Please contact to the nearest SBI Branch for interest rates on domestic bulk term deposits of ₹1 crores and above.