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The State Bank of India (SBI) cut its interest rates on certain tenures of fixed deposits by 15 basis points (0.15 percent). The new rates became effective on 10 January 2020 and on long term FDs with maturity period of 1 to 10 years.
Interest rates on deposits maturing between 7 days to a year remain unchanged.
An additional 50 basis points interest across all tenures is offered by the public sector bank to senior citizens on term deposits.
Interest rates on SBI fixed deposits for the general public with effect from 10 January 2020:
| Tenure | Earlier interest rate (%) | Interest rate from 10 Jan 2020(%) |
|---|---|---|
| 7 days to 45 days | 4.50 | 4.50 |
| 46 days to 179 days | 5.50 | 5.50 |
| 180 days to less than 1 year | 5.80 | 5.80 |
| 1 year to up to 10 years | 6.25 | 6.10 |
Senior citizen interest rates on SBI fixed deposits with effect from 10 January 2020:
| Tenure | Earlier interest rate (%) | Interest rate from 10 Jan 2020(%) |
|---|---|---|
| 7 days to 45 days | 5.00 | 5.00 |
| 46 days to 179 days | 6.00 | 6.00 |
| 180 days to less than 1 year | 6.30 | 6.30 |
| 1 year to up to 10 years | 6.75 | 6.60 |
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