SBI Fixed Deposit rate cut; Are you SBI SB account holder? Then this news is important for you. The State Bank of India (SBI) has cut the interest rates on its Fixed Deposits (FD) maturing between 1 year to 10 years. The SBI has introduced a 0.15 per cent or 15 basis points (bps) rate cut in the long-term deposits with the aforementioned maturity terms. The new SBI FD interest rates would be applicable from 15th February 2023.
Don't deposit in bank part 3: SBI Interest rate cut! Are you SBI - SB, FD account holder? Then see the revised rates
According to the information available on SBI's website ( sbi.co.in ) State Bank of India has decreased its highest FD interest rates, Slashed 1.5% for short term deposits, from 5 per cent to 3.5 per cent for senior citizens and for general public reduced from 4.5% to 3% percent the new interest rates applicable on such deposits with a term between 1 year to 10 years, lesser than 1 year deposits interest rates remains same.
Tenors Existing & Revised Rates 2019- 2020 and 2022- 2023:
General w.e.f. 10.11.2019
|
General w.e.f. 10.01.2020
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Senior citizens w.e.f. 10.11.2019
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Senior citizens w.e.f. 10.01.2020
|
|
7 days to 45 days
|
4.50
|
4.50
|
5.00
|
5.00
|
46 days to 179 days
|
5.50
|
5.50
|
6.00
|
6.00
|
180 days to 210 days
|
5.80
|
5.80
|
6.30
|
6.30
|
211 days to less than 1 year
|
5.80
|
5.80
|
6.30
|
6.30
|
1 year to less than 2 year
|
6.25
|
6.10
|
6.75
|
6.60
|
2 years to less than 3 years
|
6.25
|
6.10
|
6.75
|
6.60
|
3 years to less than 5 years
|
6.25
|
6.10
|
6.75
|
6.60
|
5 years and up to 10 years
|
6.25
|
6.10
|
6.75
|
6.60
|
Don't deposit in bank part 3: SBI Interest rate cut! Are you SBI - SB, FD account holder? Then see the revised rates
The interest rate payable SBI Staff and SBI pensioners will be 1.00% more than the listed applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% more than the rate payable from general public as shown in the table above.
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits and also this interest is started to be calculated from 15th Feb 2023. But, the interest rates on “SBI Tax Savings Scheme 2006 (SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits (i.e from 15th February 2023 they will get the revised interest rates averaged with their balance amount too).
Further, NRO deposits of SBI Staff are not eligible for an additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Bank.
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