SBI steeply slashes fixed deposit rates; check out latest rates here
Mumbai, Nov 08: Country's largest lender State Bank of India on Friday steeply slashed retail fixed deposit or FD rates, citing adequate liquidity in the system. As part of the latest rates revision, SBI reduced its marginal cost of fund-based lending rate (MCLR) by 5 basis points across all tenors, effective November 10, and sharply slashed the deposits pricing between 15 basis points for maturity between one year to less than two years.
This is the seventh consecutive cut in lending rates by the bank this fiscal. With this reduction, the one-year MCLR, to which most of its loan prices are linked, will come down to 8 per cent, the bank said in a statement.
The bank also revised its interest rates on term deposits on account of adequate liquidity in the system. The new deposit rates will also be effective from November 10.
It has reduced the interest rate on retail term deposit by 15 basis points for one year to less than two years' tenor. Bulk term deposit interest rates have been reduced by 30 to 75 bps across tenors, the bank said.
SBI latest FD rates for general public:
- 7 days to 45 days 4.50pc
- 46 days to 179 days 5.50pc
- 180 days to 210 days 5.80pc
- 211 days to less than 1 year 5.80pc
- 1 year to less than 2 year 6.25pc
- 2 years to less than 3 years 6.25pc
- 3 years to less than 5 years 6.25pc
- 5 years and up to 10 years 6.25pc
SBI latest FD rates for senior citizens:
- 7 days to 45 days 5.00pc
- 46 days to 179 days 6.00pc
- 180 days to 210 days 6.30pc
- 211 days to less than 1 year 6.30pc
- 1 year to less than 2 years 6.75pc
- 2 years to less than 3 years 6.75pc
- 3 years to less than 5 years 6.75pc
- 5 years and up to 10 years 6.75pc