Bad News For SBI Customers! Your Fixed Deposits Will Earn Lower Interest Rates From Aug 1; Details Here

Weeks ahead of the Reserve Bank of India (RBI) August Monetary Policty Meeting, country's largest lender State Bank of India (SBI) has revised the interest rate on fixed deposit (FD) across all tenors.

The country's largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above. (File Photo/ Getty)

New Delhi: Weeks ahead of the Reserve Bank of India (RBI) August Monetary Policty Meeting, country's largest lender State Bank of India (SBI) has revised the interest rate on fixed deposit (FD) across all tenors with effect from August 1, 2019. According to an official statement, the bank has sharply reduced the interest rate on fixed deposits ranging from 45 days to ten years. On FDs maturing in seven days to 45 days, SBI has reduced the rate of interest from 5.75 per cent to 5 per cent. Even on deposits maturing in 46 days to 179 days, the bank has reduced the interest rate to 5.75 per cent. Prior to this, SBI was offering an interest rate of 6.25 per cent. For deposits maturing in 180 days to 210 days, SBI has cut the interest rate by 10 basis points. Now the bank will offer an interest rate of 6.25 per cent for such deposits. The country's largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above. Check revised State Bank of India FD rates for different tenors: 7 days to 45 days Existing rate: 5.75 per cent New rate: 5 per cent 46 days to 179 days Existing rate: 6.25 per cent New rate: 5.75 per cent 180 days to 210 days Existing rate: 6.35 per cent New rate: 6.25 per cent 211 days to less than 1 year Existing rate: 6.4 per cent New rate: 6.25 per cent 1 year to less than 2 year Existing rate: 7 per cent New rate: 6.8 per cent 2 years to less than 3 years Existing rate: 6.75 per cent New rate: 6.7 per cent 3 years to less than 5 years Existing rate: 6.7 per cent New rate: 6.6 per cent 5 years and up to 10 years Existing rate: 6.6 per cent New rate: 6.5 per cent However, it is worth noting that senior citizens will continue to get an additional rate of interest of 0.5 per cent on their deposits. For short-term deposits ranging from 211 days to less than one year, SBI has slashed the interest rate from 6.40 per cent to 6.25 per cent.  The reduction in interest rates has been made in view of the falling interest rate scenario and surplus liquidity, SBI said in a statement on Monday.