State Bank Of India (SBI) has sharply cuts interest rates on fixed deposits (FDs). Read to know more

Fixed Deposits are one of the most or rather most preferred primary mode of saving for many Indians even today. SBI the biggest bank in India may have bad news for these investors. SBI) has revised its fixed deposit (FD) rates across all tenors. Interest rates have been cut sharply on fixed deposits ranging from 45 days to ten years. On FDs maturing in seven days to 45 days, SBI has reduced the rate of interest from 5.75% to 5.00%. On deposits maturing in 46 days to 179 days, the bank has reduced the interest rate to 5.75%. For deposits maturing in 180 days to 210 days, SBI is now offering an interest rate of 6.25%.

For short-term deposits, ranging from 211 days to less than one year, SBI has slashed the interest rate from 6.40% to 6.25%.

On mid-term deposits ranging from one year to less than two years, SBI has reduced the interest rates by 20 basis points.

For deposits maturing in two years to less than three years, the bank has reduced the interest rate to 6.70%.

For FDs maturing in three years to less than five years, SBI now offers an interest rate of 6.60% from 6.7%, For deposits maturing in five years to ten years, SBI has reduced the interest rate from 6.60% to 6.50%

SBI's new FD rates will be effective from August 1, 2019 

Latest SBI FD rates

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