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India’s largest lender State Bank of India (SBI) has revised Interest rates on fixed deposits (FDs). Interest rates have been revised on select maturities with effect from 10th September 2020.
For 1 year to less than 2 years, the bank has slashed interest rates by 20 basis points (bps). The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.
SBI’s fixed deposits – latest rates :
|Tenures||Existing rates for public w.e.f 27-5-2020||Revised rates for public w.e.f 10-9-2020||Existing rates for senior citizens w.e.f 27-5-2020||Revised rates for senior citizens w.e.f 10-9-2020|
|7 days to 45 days||2.90%||2.90%||3.40%||3.40%|
|46 days to 179 days||3.90%||3.90%||4.40%||4.40%|
|180 days to 210 days||4.40%||4.40%||4.90%||4.90%|
|211 days to less than 1 year||4.40%||4.40%||4.90%||4.90%|
|1 year to less than 2 years||5.10%||4.90%||5.60%||5.40%|
|2 years to less than 3 years||5.10%||5.10%||5.60%||5.60%|
|3 years to less than 5 years||5.30%||5.30%||5.80%||5.80%|
|5 years up to 10 years||5.40%||5.40%||6.20%||6.20%|
SBI has also extended a special fixed deposit scheme for senior citizens. The special FD scheme for senior citizens will be available till 31st December 2020. Earlier, the bank announced that the scheme would be valid till 30th September 2020.
SBI ‘WECARE’ Senior Citizens’ Term Deposit scheme was launched in May to provide a higher interest rate to senior citizens in the current falling interest rate scenario. SBI special FD scheme for senior citizens is available on fresh deposits and renewal of maturing deposits.
SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. SBI gives 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.2%, after the latest revision.
This additional interest i.e. 30 bps under the special scheme for senior citizens will not be payable in case of premature withdrawal of such deposits. Therefore, if you opt for premature withdrawal of an FD under the scheme, your fixed deposit investment will fetch only 5.9% i.e. 50 bps above the general customers.special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public.