SBI FD interest rates January 2020: The interest rates on SBI FDs declined over the long term following the recent rate cut, while the short-term levels stayed the same.
The State Bank of India (SBI) has lowered the interest rate on its fixed deposits over and above a duration of one year. As of January 10, 2020, the SBI has lowered the interest rate on deposits between 1 and 10 years by 0.15 per cent or 15 basis points. The current interest rate for SBI FD for one year is 6.15 per cent per year, down from 6.25 per cent per year.
The same interest rate extends to contributions of these tenors – ' 1 year to fewer than 2 years, ' ' 2 years to less than 3 years, ' ' 3 years to less than 5 years, ' and ' 5 years and up to 10 years. ' Senior citizens can continue to receive an additional interest rate of 0.5% as before.
Nonetheless, the SBI FD levels on deposits of shorter length stay the same as before. Following the recent reductions, SBI's FD rates have declined over the long term, while the short-term prices remain the same.
The new interest levels are to apply to fresh investments and maturing portfolio renewals. The interest rates on Retail Investments and NRO Deposits "SBI Tax Savings Scheme 2006(SBITSS)" shall be linked according to the new rates for domestic retail term deposits.
The premium available to all 60-year-old Senior Citizens and SBI Pensioners will be 0.50 per cent above the amount charged to existing Indian senior citizens for all tenors. SBI citizen Indian Senior Citizen Pensioners can earn all employee benefits (1 percent) and local Indian Senior Citizens benefits (0.50 percent).
Read Also: SBI Junior Associate Recruitment 2020
Recently, there was a modification of SBI's interest rate for savings bank account. The interest rate on savings bank deposits was 3.5 per cent effective September 1, 2019 with balances up to Rs. 1 lakh. The interest rate on savings bank deposits with balances up to Rs. 1 lakh, however, is 3.25 per cent as of November 1, 2019.
The interest rate on savings bank deposits with balances above Rs. 1 lakh continues to be 3 percent per annum for the entire balance (2.75 percent below RBI's repo rate, with a minimum of 3.00 percent).
Read Also: Whatsapp Only Allow BHIM UPI payment service
Comments