SBI has reduced the interest rates on fixed deposits (FD) by giving a blow to its customers once again.
State Bank of India (SBI) has extended the last date for investing in the Special Fixed Deposit Scheme for senior citizens. In May, the bank announced the SBI 'VCare' Senior Citizens Term Deposit Scheme for Senior Citizens (SBI 'WECARE' Senior Citizens' Term Deposit scheme).
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Presently, in view of the declining interest rates, the scheme was introduced to provide higher interest rate to senior citizens. Special FD scheme for senior citizens will be available by the end of the year. Earlier, the bank had announced that the scheme would be valid till 30 September.
SBI has reduced the interest rates on fixed deposits (FD) by giving a blow to its customers once again. SBI has reduced interest on retail domestic term deposits of less than Rs 2 crore by 0.20 per cent over a period of 1-2 years. That is, now the benefit of SBI's FD has reduced.
The new interest rates have come into effect from 10 September 2020. Earlier, SBI had reduced the interest rates of fixed deposits on 27 May. Large-scale fixed deposits (FD) are invested in the country for traditional, safe and fixed interest income.
| SBI FD Interest Rates (p.a.) | ||
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to less than 1 year | 4.40% | 4.90% |
| 1 year to less than 2 years | 4.90% | 5.40% |
| 2 years to less than 3 years | 5.10% | 5.60% |
| 3 years to less than 5 years | 5.30% | 5.80% |
| 5 years and up to 10 years | 5.40% | 6.20%* |