SBI cuts FD rates thrice in two months

State bank of India has again cut the FD rates and it is the third time they have done in last two months. They have now slashed the interest rates on FD for up to 3 years tenor by 20 basis points.

The bank stated in their statement- “In view of adequate liquidity in the system as well as with the bank, SBI prunes its interest rates on retail term deposits by 20 bps for ‘upto 3 years’ tenor, effective from 12 May,”

Currently, the SBI FD between 7 days to 45 days gives 3.5%. the term deposit between 46 days to 179 days gives 4.5, all the fixed deposits between 180 days to 364 days will fetch 5%. also, the deposits with maturity between 1 year and up to 10 years will give 5.7%. Also, SBI also offers senior citizens 50 basis points interest on all the tenors.

In march, the SBI has also slashed the interest rate on FD by 20-50 bps across tenors effective 28 march 2020. that was the second rate cut in March. Earlier, they has it on 10th March.