State Bank of India cuts Interest Rates on Savings Accounts, Fixed Deposits

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State Bank of India (SBI), India’s largest public sector bank on Wednesday decided to cut the interest rates on savings deposits. The Banking major also announced a reduction in interest rates on fixed deposits (FDs) across select maturities.

“In view of the festival season and extending the benefits to customers across all segments, we have reduced our MCLR by 10 bps across all tenors,” the bank said in a statement.

On savings deposits, State Bank of India has decided to make it 3.25 percent from 3.5 percent earlier on balances up to Rs. 1 lakh. The savings deposits interest rates according to the latest revisions will be effective from November 1, 2019.

In addition to that, the bank has reduce interest rates applicable to retail term deposits and bulk term deposits by 10 and 30 basis points respectively to 6.30 per cent and 5.90 per cent for ‘1 year to less than 2 years’ tenor, as per the Bank’s statement. The new FD rates will be effective from October 10, 2019.

Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore ‘have been revised. The revised interest rates are as under :

(All figures in % per annum)

The revised Interest rates on ‘Domestic Bulk Term deposits (Rs.2 Crore and above) with effect from 10th September, 2019 will be as per following table:

(All figures in % per annum)

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