Mumbai: India’s largest bank, State Bank of India (SBI) reduced the Fixed Deposit rates. The new rates came into effect from 1st August 2019.
As per the information provided on the official website of SBI, the rate for the period between 7 and 45 days is reduced by 0.75 per cent whereas, for the duration between 46 and 179 days, it is slashed by 0.5 per cent.
Below is the list of Fixed Deposit rates in SBI.
| Duration | Earlier rates | New rates with effect from 1st August 2019 | Earlier rates for senior citizens | New rates for senior citizens |
| 7 to 45 days | 5.75 | 5.00 | 6.25 | 5.50 |
| 46 to 179 days | 6.25 | 5.75 | 6.75 | 6.25 |
| 180 to 210 days | 6.35 | 6.25 | 6.85 | 6.75 |
| 211 days to less than 1 year | 6.40 | 6.25 | 6.90 | 6.75 |
| 1 year to less than 2 year | 7.00 | 6.80 | 7.50 | 7.30 |
| 2 years to less than 3 years | 6.75 | 6.70 | 7.25 | 7.20 |
| 3 years to less than 5 years | 6.70 | 6.60 | 7.20 | 7.10 |
| 5 years to 10 years | 6.60 | 6.50 | 7.10 | 7.00 |
It may be mentioned that the above rates are applicable for the deposit of amount less than 2 crores.