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The country's leading state run lender has yet again revised its interest rate on fixed deposits lower. The new revised rates will come into effect from August 26, 2019. Meanwhile, it announced a relief for its savings account holder with deposits more than Rs. 1lakh linked to repo rate as it held interest rate on them steady at 3%. Notably, from May this year SBI tied its savings deposits with sum of over Rs. 1 lakh to RBI's repo rate.
h amount over Rs. 1 lakh to repo rate and it is arrived at as 2.75% less than repo rate.
For other savings account deposits less than Rs. 1lakh that form the bulk of bank's savings account, interest rate continues to be 3.5%. So, the stepscomes to ease the pain of depositors who now have been going through the reducing rate cycle. As a repo rate to 5.4% would mean an effective interest rate on savings deposits over Rs. 1 lakh to become 2.65% from September. But the SBI has held back the move which provides some respite.
"In view of the falling interest rate scenario and surplus liquidity, SBI realigns its interest rate on Term Deposits w.e.f. 26th August 2019," SBI press release stated.
Here is provided the new FD rates for SBI Bank:
| Tenure | Existing rate | New rate effective August 26 | For senior citizens |
|---|---|---|---|
| 7 days to 45 days | 5% | 4.5% | 5% |
| 46 days to 179 days | 5.75% | 5.5% | 6% |
| 180 days to 210 days | 6.25% | 6.0% | 6.5% |
| 211 days to less than 1 year | 6.25% | 6.0% | 6.5% |
| 1 year to less than 2 year | 6.8% | 6.7% | 7.2% |
| 2 years to less than 3 years | 6.7% | 6.5% | 7.0% |
| 3 years to > 5 yrs | 6.6% | 6.25% | 6.75% |
| 5 years to up to 10 years | 6.5% | 6.25% | 6.75% |
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