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SBI gave a big shock for the second time in a month, reduced interest on FD, see latest rates here

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State Bank of India (SBI) has given a shock to customers making fixed deposits for the second time in a month. The bank has cut interest rates on fixed deposits (FD) by 40 basis points. The new FD rates have come into effect from today ie 27 May. According to SBI’s website, the bank has also cut up to 50 bps on FDs of 2 crore or more. The maximum interest rate offered by SBI under this category is 3%. The new rates under this category have also come into effect from today itself.

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SBI FD’s latest interest rates

  • 7 days to 45 days 2.9%
  • 46 days to 179 days 3.9%
  • 180 days to 210 days 4.4%
  • 4.4% less than 1 year from 211 days
  • 5.1% below 1 year to 2 years
  • 5.1% below 2 years to 3 years
  • 5.3% under 3 years to 5 years
  • 5.4% for 5 years and 10 years

Latest FBI interest rates for senior citizens effective May 27

  • 7 days to 45 days 3.4%
  • 46 days to 179 days 4.4%
  • 180 days to 210 days 4.9%
  • 211 days to less than 1 year 4.9%
  • 1 year to less than 2 years 5.6%
  • 3 years to 2 years 5.6%
  • 5.8% under 3 years to 5 years
  • 6.2% for 5 years and 10 years

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SBI on 12 May had cut interest rates on fixed deposits for tenure up to ‘3 years’ by 20 bps. In March, SBI reduced the interest rates on FDs from 20-50 bps to 28 March 2020. This was the second cut. Earlier, on March 10, the bank had cut interest rates on FD.

Interest has also been reduced on savings account

Savings deposit slabCurrent interest rate

Revised interest rate effective from 19.04.2020

Savings Bank Deposit Account up to Rs. 1 Lakh3.00% per year2.75% pa
Savings Bank Deposit Account for balances above Rs.1 Lakh

i) 3.00% pa Up to 1 lakh
ii) 3.00% per year for the balance above Rs.1 lakh
3.00% pa rate (2.75% less than RBI repo rate, minimum 3.00%) will continue for balance above Rs.1 lakh.

i) 2.75% per annum Rs. Up to 1 lakh
ii) 2.75% per year for the balance above Rs.1 lakh
2.75% pa rate (2.75% less than RBI repo rate, minimum 2.75%) will continue for balance above Rs.1 lakh.

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