Mumbai, Nov.08 (HS): SBI has cut the interest rates on fixed deposits from 0.15% to 0.75%. Meaning by that customers will get less interest on FD than before. This decision of the bank is a setback for millions of customers. SBI has announced to pay 4.50 percent interest on FD for 7 to 45 days.
Similarly, from 46 days to 179 days, 5.50 percent interest will be given on FD. At the same time, customers of the bank will get a 5.80 percent interest on FD for 180 days to 210 days. While the bank will pay 6.80 percent interest on FD for 1 year.
If you talk about 1 year to 2 years, then FD will get 6.25 percent interest. Whereas from 2 years to 3 years, the bank will pay 6.25 percent interest on FD for 3 years to 5 years and 5 to 10 years.
Similarly, FD interest rates have also been cut for senior citizens. The bank will get 5.00 percent interest on deposits of 7-45 days to senior citizens. At the same time, for 1 year to 2 years, 2 years to 3 years, 3 years to 5 years and 5 to 10 years, the bank will pay 6.75 percent interest to the senior citizen on FD.
SBI has reduced interest rates for the 7th time in the first 8 months of the current financial year. The new rates of fixed deposits of SBI will be applicable from 10 November 2019.
