SBI releases special FD scheme amid COVID-19 outbreak; see new FD rates, other details

Amid coronavirus chaos across the country, the State Bank of Indian has slashed the interest rates on its term deposits by 20 basis points from today.

However, the country’s largest lender has kept term deposits rates with tenor 3 years to 10 years unchanged.

According to the statement released by the bank, “SBI has slashed its interest rates on retail term deposits by 20 bps for ‘up to 3 years’ tenor because of adequate liquidity in the system as well as with the bank.”

The new proposed rates of interest will apply to the fresh deposits and renewals of maturing deposits, the bank said.

After the revision of the new rates, the FDs between 7 days to 45 days will now fetch 3.3%, term deposits between 46 days to 179 days will give 4.3%.

While SBI FDs of 180 days to less than one year will fetch 4.8% interest. Deposits with maturity between 1 year and up to 3 years give 5.5%. To know more about the SBI FDs interest for the general public see below…

Check out SBI FD rates for the general public that will be effective from May 12:

• 7 days to 45 days - 3.3%
• 46 days to 179 days - 4.3%
• 180 days to 210 days - 4.8%
• 211 days to less than 1 year - 4.8%
• 1 year to less than 2 years - 5.5%
• 2 years to less than 3 years - 5.5%
• 3 years to less than 5 years - 5.7%
• 5 years and up to 10 years - 5.7%

SBI Wecare Deposit:

To provide some relaxation to senior citizens, SBI has launched a special deposit scheme that will give a higher interest rate on the money of senior citizens amid the falling interest rates in the economy.

Under this scheme, SBI will provide an additional 30 basis points interest to senior citizens on their term deposits. However, the tenor should be at least 5 years.

Currently, SBI provides additional 50 basis points and now with the introduction of the SBI Wecare scheme, senior citizens will get 80 basis points additional interest on term deposits of 5-year or higher tenor.

Check out SBI FD revised rates for senior citizens:

• 7 days to 45 days - 3.8%
• 46 days to 179 days - 4.8%
• 180 days to 210 days - 5.3%
• 211 days to less than 1 year - 5.3%
• 1 year to less than 2 years - 6%
• 2 years to less than 3 years - 6%
• 3 years to less than 5 years - 6.2%
• 5 years and up to 10 years - 6.5%

Also Read: RBI reduces reverse repo rate by 25 basis points from 4 pc to 3.75 pc