SBI slashes interest rates on deposits by 0.2%
The SBI rate cut follows the Reserve Bank's 25 basis point cut in April for the second time in a row.
The SBI rate cut follows the Reserve Bank's 25 basis point cut in April for the second time in a row.
The SBI rate cut follows the Reserve Bank's 25 basis point cut in April for the second time in a row.
Country's largest lender, State Bank of India (SBI), has cut fixed deposit rates by 0.2 per cent across tenors effective May 16.
According to the bank's website, the cut in interest rates on fixed deposits below ₹3 crore applies to both the general public and senior citizens. The maximum interest rate for deposits with a term of 2 years to less than 3 years will be 6.7 per cent. This is followed by 6.55 per cent interest on deposits for 3 to 5 years from May 16.
Fixed deposits of 5-10 years now get interest of 6.30 per cent for the general public, while it is 6.5 per cent for deposits of duration 1 year to less than 2 years
The interest rate of the specific tenor scheme of 'Amrit Vrishti'(444 days) has also been revised from 7.05 per cent to 6.85 per cent, effective May 16, 2025. Senior citizens and super senior citizens (aged above 80 years) are eligible for additional benefits at a rate of interest.
Last month, SBI had cut deposit rates by 10-25 basis points, taking cue from the policy rate cuts by the RBI. The Reserve Bank in April had slashed key interest rate by 25 basis points for the second time in a row to support growth facing the threat of reciprocal tariffs by the US. The policy repo rate now stands at 6 per cent.