SBI Revises FD Rates; Special Scheme for Senior Citizens till Dec 31

SBI Revises FD Rates; Special Scheme for Senior Citizens till Dec 31

Amid ongoing pandemic situation the largest PSB of the country, the State Bank of India has yet again slashed fixed deposit rates for select tenors. The new rates are effective from September 10.

SBI has revised interest rates on 1 year to less than 2 year FDs by 20 basis points (bps). The new rates will be applicable to fresh deposits and renewals of existing FDs. Earlier the rates were revised on May 27.

Continuing the special scheme of additional 30 bps for senior citizens, the bank has announced extension of SBI ‘WECARE’ Senior Citizens’ Term Deposit scheme till December 31. The scheme was launched in May 2020 for limited edition, till September 30, 2020.

Thus, the customers of SBI Special FD scheme for senior citizens are earning 80 basis points (bps) interest rate above the regular rate of interest on the same scheme for general public. Effective the rate cut, SBI is offering 5.4 % return on five years Fixed Deposit for public and 6.20 % to senior citizens.

The benefit of additional interest of 30 bps will not be payable if the beneficiary opts for premature withdrawal of deposit. The FD will fetch only 5.9 percent i.e. the regular rate of return for senior citizen deposit schemes.

Table: SBI LATEST FD RATES w.e.f. September 10, 2020

Tenor Regular Investors (in %) Senior Citizens (in %)

7 to 45 days

2.9

3.4

46 to 179 days

3.9

4.4

180 to 210 days

4.4

4.9

211 days to less than 1 year

4.4

4.9

1 to less than 2 years

4.9

5.4

2 to less than 3 years

5.1

5.6

3 to less than 5 years

5.3

5.8

5 to 10 years

5.4

6.2 (With SBI We Care Benefit)

Also Read: SBI Cuts FD Rates Second Time in a Month

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