State Bank of India reduces FD interest rates

SBI tweaked interest rate on select maturities, with effect from 10 September. The bank has slashed the interest rates on fixed deposits (FDs) for 1 year to less than 2 year by 20 basis points (bps). The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. SBI had earlier revised interest rates on fixed deposits on 27 May.

7 days to 45 days - 2.9%
46 days to 179 days - 3.9%
180 days to 210 days - 4.4%
211 days to less than 1 year - 4.4%
1 year to less than 2 years - 4.9%
2 years to less than 3 years - 5.1%
3 years to less than 5 years - 5.3%
5 years and up to 10 years - 5.4%

The interest rate on 1 year to less than 2 years was dropped from 5.5% to 5.1% in May and now to 4.9%.

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