New Delhi: State Bank of India has reduced the interest rate on fixed deposits within a month. The bank has cut interest by 0.50% on short-term FDs of up to 45 days, which come into force from 10 March.
According to the new rates, 4 to 7% interest will be given on FD of 7 to 45 days, which was 4.50 per cent earlier. In addition, interest rates for FDs of one year and above have been cut by 0.10%. They used to get interest of up to 6% earlier. In February itself, the bank cut FD rates by 10 to 50 bps.
The bank has made no change in FD interest for periods ranging from 46 to 179 days, 180 to 210 days and 211 days to one year. The bank has also cut MCLR by 15 bps.
If you are a staff member or a pensioner of SBI, you will get 1% more interest than the interest rate mentioned above on the amount deposited in the fixed account. On the other hand, if you are a senior citizen along with SBI staff, then you will get the benefit of both 1 percent interest as well as 0.50 percent interest.
