Home Finance SBI slashes FD rates by up to 40 bps

SBI slashes FD rates by up to 40 bps

Few passengers on Haryana buses


Days after the RBI reduced the repo rate by 40 bps to 4%, State Bank of India reduced the interest rate on deposits below ₹2 crore by up to 40 bps.

The new rates came into effect from May 27. The new rates for 1 year to less than two years maturity, and two years to less than three years, will be 5.10%. Senior citizens will be offered 50 bps higher rate, that is, 5.6%. The deposit rate for three years to less than 5 years will be 5.30%, while for 5 years and up to 10 years it will be 5.4%.

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Source Name – The Hindu