State Bank of India (SBI), the country's largest bank, has changed its interest rates on FD. The bank has reduced the interest rate on selected maturities. The new interest rates will come into effect from September 10. The bank has cut the interest rate on FDs ranging from one year to less than two years by 0.20%. This interest rate will be effective on the renewal of fresh deposits and matured deposits. Earlier, SBI had changed the interest rates on FD on May 27.
With this latest amendment, the interest rate on SBI FD with maturity ranging from seven days to 45 days has gone up to 2.9%, 46 days to 179 days FD, 3.9%, 180 days to 4.4% on FD of less than one year. In addition, the interest rate on SBI FD, which is less than two years of maturity for one year to less than two years, has gone up to 4.9 percent.
The interest rate on SBI FD, which ranges from two years to less than three years, is 5.1%, FD for a period of fewer than three years to less than 5 years, 5.3%, and FD for a period of five years to 10 years is 5.4%. Sbi offers an additional interest rate of 0.50% on FD for all time periods to senior citizens. After the latest amendment, the interest rate on FD for senior citizens for a period of seven days to 10 years has gone up from 3.4% to 6.2%. SBI offers an additional interest rate of 0.50% on FD for all time periods to senior citizens. After the latest amendment, the interest rate on FD for senior citizens for a period of seven days to 10 years has gone up from 3.4% to 6.2%.
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