SBI cuts long-term FD interest rates by 15 bps

The country’s largest lender, the State Bank of India (SBI), has reduced interest rates on fixed deposits (FDs) for certain tenures by 15 basis points (bps) (100 bps = 1 percentage). The new rates came into effect from January 10, 2020 and for those FDs below Rs 2 crore.

The bank has cut rates on long-term fixed deposits maturing in 1 year to 10 years. According to the bank's website, FDs with tenures of more than one year will now fetch 6.1 per cent, down from 6.25 per cent. For senior citizens, the FDs will return 6.6 per cent, down from 6.75 per cent earlier.

Revised fixed deposit interest rates w.e.f. January 10, 2020

Tenors	Existing Rates for Public w.e.f.10.11.2019	Revised Rates For Public w.e.f.10.01.2020	Existing Rates for Senior Citizens w.e.f. 10.11.2019	Revised Rates for Senior Citizens w.e.f. 10.01.2020
7 days to 45 days	4.5	4.5	5	5
46 days to 179 days	5.5	5.5	6	6
180 days to 210 days	5.8	5.8	6.3	6.3
211 days to less than 1 year	5.8	5.8	6.3	6.3
1 year to less than 2 years	6.25	6.1	6.75	6.6
2 years to less than 3 years	6.25	6.1	6.75	6.6
3 years to less than 5 years	6.25	6.1	6.75	6.6
5 years and up to 10 years	6.25	6.1	6.75	6.6

Date sourced from SBI website