SBI FD interest rate : The country’s largest bank SBI has again reduced interest rates on FDs. It has reduced interest rates by 0.20 percent on FDs of all tenors from 7 days to 10 years. This reduction has come into effect from May 16. Let’s know how much interest will be received on depositing money in SBI for how long, and on which tenure of FD will the highest interest be received.
According to the information given on the SBI website (SBI latest fixed deposit rates), interest rates have been reduced for both the general public and senior citizens on FDs of less than Rs 3 crore. A maximum interest rate of 6.7% will be given on FDs with a tenure of two years to less than three years (SBI FD highest interest rate tenure). After this, a maximum interest rate of 6.55% will be given on FDs with a tenure of three years to less than five years. Senior citizens will get 0.5% more interest than the general public for all tenures.
SBI has reduced the interest rate on 7-day FD from 3.5% to 3.3%. The country’s largest bank had also cut deposit rates by 0.1% to 0.25% last month.
According to the new rate implemented by the State Bank of India, FDs with a tenure of less than two to three years will now fetch 6.7% interest. Along with this, the interest rate on FDs with a tenure of less than three to five years has come down to 6.55%. Now, FDs with a tenure of 5 to 10 years will fetch 6.30% interest and this interest rate will be 6.5% on FDs with a tenure of less than one to two years.
The interest rate on SBI’s scheme ‘Amrit Vrishti’, which has a tenure of 444 days, has also been reduced. Earlier, this scheme was offering 7.05% interest, which has now been reduced to 6.85%. However, the additional benefits of interest on FD for senior citizens and citizens above 80 years of age will remain the same.
Earlier in April, SBI had reduced deposit rates by 0.10% to 0.25%. This decision came after the Reserve Bank of India (RBI) cut the repo rate by 0.25% for the second consecutive time. After this cut, the repo rate has now become 6%.
This step by the bank has been taken in view of the change in monetary policy and will have a direct impact on the returns investors get on their FDs.
