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Home >> News >> SBI Reduced Interest Rates on FD before RBI Policy

SBI Reduced Interest Rates on FD before RBI Policy

Posted on: 04 Oct, 2017 Tags   SBI Fixed Deposit Interest Rate RBI

IndiaNewsonWeb: 04 Oct, 2017, You will now get less interest on fixed deposit (FD) in the country's largest bank State Bank of India (SBI). According to the information given on the SBI website, SBI has reduced interest rates on fixed deposits. The rate of interest on fixed deposits of one crore rupees has been reduced by 25 basis points on an annual basis. This rule has been implemented from October 1.

According to the website, on a retail fixed deposit of one crore rupees 455 days from SBI, now 6.50 percent interest is being given annually, whereas earlier 6.75 percent interest was being given. Similarly, for senior citizens, the rate of interest on fixed deposits up to Rs 1 crore has been reduced from 7.25 percent to 7 percent. Just 3 months ago, SBI had cut interest rates. On fixed deposits of less than 1 year but already on behalf of the bank, 6.5 percent for the general public and 7 percent for senior citizens. The change in interest rates from the bank on October 1, fixed on fixed deposits up to Rs 1 crore, is in this way (all rates are in percent)

Duration Old Rate (General) New Rate (General) Old Rate (Senior Citizen) New Rate (Senior Citizen)
7 Days to 45 Days 5.50 5.50 6 6
46 Days to 179 Days 6.50 6.50 7 7
180 Days to 210 Days 6.50 6.50 7 7
211 Days to 1 Year 6.50 6.50 7 7
1 Year to 455 Days 6.75 6.50 7.25 7

According to SBI's website, SBI has reduced the base rate from 9 percent to 8.95 percent from October 1, while maintaining MCLR at 8 percent for one year's period. On Wednesday, the policy rates will be announced on behalf of the Reserve Bank of India, before the RBI decision, SBI has decided to cut interest rates as a precautionary measure.

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