Following an off-cycle meeting monetary policy announcement of 40 basis point reduction in repo rate, the country's state-run lender SBI has cut FD rates by 40 basis points. 1 basis point is one-hundredth of a percentage point. This is the second rate cut in FD rates in May month alone. The new rates shall become effective from May 27, 2020.
SBI Lowers FD Rate By 40 Bps Across Tenures
New revised rates on SBI fixed deposit
Tenure
Existing Rate
Rate from May 27
Rates applicable for senior citizen category
New revised rates from May 27
7 days to 45 days
3.3
2.9
3.8
3.4
46 days to 179 days
4.3
3.9
4.8
4.4
180 days to 210 days
4.8
4.4
5.3
4.9
211 days to less than 1 year
4.8
4.4
5.3
4.9
1 year to less than 2 year
5.5
5.1
6.0
5.6
2 years to less than 3 years
5.5
5.1
6.0
5.6
3 years to less than 5 years
5.7
5.3
6.2
5.8
5 years and up to 10 years
5.7
5.4
6.5
6.2
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