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SBI Reduces Interest Rates On One Year Fixed Deposit And Base Rate


With effect from October 1, 2017, just ahead of the monetary policy rate announcements due today, the State Bank of India which accounts over one-fifth of total assets, has cut interest rate on one year FD to 6.5% (a 25 basis point reduction). Senior citizens will get an interest of 7% on a one-year fixed deposit. The revision has been made in just three months time and for the FD it is in respect of deposits below Rs. 1 crore.

SBI Reduces Interest Rates On One Year Fixed Deposit And Base Rate

The interest rate for SBI employees as well as pensioners will be 1% higher in comparison to the applicable rates. For senior citizens and SBI pensioners aged 60 years and above, the rates will be higher by 0.5% for all tenures. So a SBI resident senior citizen pensioner is eligible for both 1% interest payable to SBI employees and another 0.5% payable to Indian senior citizen.

Base rate has been revised to 8.95% from 9% earlier. As of now, most financial institutions are offering home loan @ 8.35% for women borrowers and for other the rate has been kept at 8.4%.

Story first published: Wednesday, October 4, 2017, 13:03 [IST]
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