SBI cuts fixed deposit interest rates by 40 bps; check out latest FD rates

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India's largest public sector bank State Bank of India (SBI) on May 27 cut fixed deposit interest rate by 40 basis points across all tenors.

This is the second rate cut in a month. The latest FD rates are effective today, 27 May, SBI said in a statement.

Bank also slashed interest on bulk deposits of Rs 2 crore or more by up to 50 basis points. The maximum offered by SBI under this category is 3 percent. The new rates under this category are also applicable from today.

On May 12, SBI had slashed interest rates on term deposits for ‘up to 3 years’ tenor by 20 basis points.

In March, SBI had slashed the interest rate on FDs by 20-50 bps across tenors effective March 28, 2020. That was the second rate cut in March. Earlier, the bank had cut interest rates on FDs on 10 March.

SBI latest FD interest rates for general public effective 27 May

7 days to 45 days - 2.9%

46 days to 179 days - 3.9%

180 days to 210 days - 4.4%

211 days to less than 1 year - 4.4%

1 year to less than 2 years - 5.1%

2 years to less than 3 years - 5.1%

3 years to less than 5 years - 5.3%

5 years and up to 10 years - 5.4%

SBI latest FD interest rates for senior citizens effective 27 May

SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.4% to 6.5% on FDs maturing in 7 days to 10 years.

7 days to 45 days - 3.4%

46 days to 179 days - 4.4%

180 days to 210 days - 4.9%

211 days to less than 1 year - 4.9%

1 year to less than 2 years - 5.6%

2 years to less than 3 years -5.6%

3 years to less than 5 years - 5.8%

5 years and up to 10 years - 6.2%

Source: SBI website