India’s largest bank SBI on Wednesday announced a 0.40% reduction in the interest rate on fixed deposits of all periods. The bank has reduced the interest rate on term deposits for the second time in a month. SBI has said on its website that these changes in the interest rate on FD have become effective from 27 May. The State Bank has also reduced the interest rate by 0.50% on the bulk deposit (more than two crore rupees). The bank will pay interest at the rate of maximum 3% to the general depositors on the bulk deposit. These changes in rates have also become effective from Wednesday.
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After this recent amendment, interest will be given on the FD of SBI from 7 days to 45 days at the rate of 2.9%. On the term deposit of 46 days to 179 days, the bank will pay interest at the rate of 3.9%. FDs of more than 180 and less than one year will now get interest at the rate of 4.4%. The bank is paying interest at the rate of 5.1% on FD of one year to three years. SBI will pay interest at the rate of 5.3% on FD of three years to five years. Interest will be given at the rate of 5.4% on FD of five years to ten years.
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Interest received in Fixed Deposit of less than two crore rupees
7 days to 45 days – 2.9%
46 days to 179 days – 3.9%
180 days to one year – 4.4%
1 year to three years – 5.1%
3 years to 5 years – 5.3%
Five years to 10 years – 5.4%