State Bank of India (SBI) -- country's largest lender on Friday announced a cut in retail fixed deposits or FD interest rates. The new FD interest rates on SBI deposits will be effective from February 10. The revision in the interest rates comes a day after Reserve Bank of India's (RBI) monetary policy review meet. The bank informed this in an official statement, which reads, "In view of surplus liquidity in the system, SBI realigns its interest rate on Retail Term Deposits (less than Rs 2 Crores) and Bulk Term Deposits (Rs 2 Crores and above) w.e.f. February 10, 2020. The bank slashed Term Deposits rates by 10-50 bps in the Retail segment and 25-50 bps in the Bulk segment."
SBI FD rates have been cut in all the tenors except for those with maturity period 7 days to 45 days as for these the lender has kept the rates unchanged. Earlier, the bank had cut the FD rates by 15 bps for maturity between one year to less than two years in the month of January.
According to the new interest rate, for FDs maturing in 46 days to 179 days, the interest rate of 5 percent will be applicable as SBI has cut the interest rate sharply by 50 bps. For FDs maturing in 180 days to 210 days and 211 days to less than 1 year, SBI will now give an interest rate of 5.50 percent. Check the revised rate of SBI FDs below:
SBI FDs revised interest rates
| Maturity Period |
Interest Rates |
| 7 days to 45 days |
4.50 |
| 46 days to 179 days |
5.00 |
| 180 days to 210 days |
5.50 |
| 211 days to less than 1 year |
5.50 |
| 1 year to less than 2 year |
6.00 |
| 2 years to less than 3 years |
6.00 |
| 3 years to less than 5 years |
6.00 |
| 5 years and up to 10 years |
6.00 |
SBI FDs revised interest rates for senior citizens
SBI offers senior citizens an additional 50 basis point interest rate across all tenures. Here are the revised rates:
| Maturity Period |
Interest Rates |
| 7 days to 45 days |
5.00 |
| 46 days to 179 days |
5.50 |
| 180 days to 210 days |
6.00 |
| 211 days to less than 1 year |
6.00 |
| 1 year to less than 2 year |
6.50 |
| 2 years to less than 3 years |
6.50 |
| 3 years to less than 5 years |
6.50 |
| 5 years and up to 10 years |
6.50 |
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