The leading state-run lender State Bank of India has made revision to its FD rates effective May 9, 2019. The revision has been made for some of the select maturities. For instance, for FDs with maturity tenure spanning 1 year to less than 2 years, rates have been increased from 6.8% to 7%. While for most other maturities, the rates have been revised lower.
The bank offer interest of 5.75-7% for FDs with tenure of seven days to 10 years time.
Senior citizens will continue to get an additional rate of interest of 0.5 per cent on their deposits.
It is to be noted that the bank continues to be the leader in terms of assets, deposits, branches, customers and employees.
Also, early during the month SBI reduced its MCLR rates across all tenures by 5 basis points.
SBI's latest FD rates:
|Tenure or maturity basket||Earlier rates||New rates revised from May 9|
|7 days to 45 days||5.75%||5.75%|
|46 days to 179 days||6.25%||6.25%|
|180 days to 210 days||6.35%||6.35%|
|211 days to less than 1 year||6.40%||6.40%|
|1 year to less than 2 years||6.80%||7.00%|
|2 years to less than 3 years||6.80%||6.75%|
|3 years to less than 5 years||6.80%||6.70%|
|5 years and up to 10 years||6.85%||6.60%|