The country’s largest state-run State Bank of India (SBI) has reduced interest on fixed deposits (FD) for the second time in a month. In this, customers will now get 40 basis points less interest. SBI’s new rates on fixed deposits of less than two crore rupees have come into force from today ie 27 May 2020. With this, the interest rate of bulk deposits has come down by 50 basis points. In this category, the bank is paying a maximum of three percent interest. Earlier, SBI had reduced 20 basis points on retail term deposits of three years duration, which came into force from May 12, 2020. In March also, the bank had reduced the FD rate twice. Let’s know how much interest you will get on an FD of less than two crores.
| Period | New rate for common citizens (from 27 May 2020) | New rate for senior citizens (from 27 May 2020) |
| Seven to 45 days | 2.9 percent | 3.4 percent |
| 46 to 179 days | 3.9 percent | 4.4 percent |
| 180 to 210 days | 4.4 percent | 4.9 percent |
| 211 to one year | 4.4 percent | 4.9 percent |
| One year to two years | 5.1 percent | 5.6 percent |
| Two years to three years | 5.1 percent | 5.6 percent |
| Three years to five years | 5.3 percent | 5.8 percent |
| Five years to 10 years | 5.4 percent | 6.2 percent |
In the next slide, know the essentials for choosing the right FD and how to open an online FD account.