State Bank of India or SBI, India's biggest Bank, has cut interest rates on fixed deposits or FDs for second time in a month. The revised rates came into effect from 10th March. SBI had earlier cut interest rates on FDs on 10th February.
According to the latest revision, SBI FDs between 7 days to 45 days will now fetch 4%, from 4.5% earlier. Similarly, FDs between one year to less than 5 years, will fetch 5.9%, from 6% earlier. SBI fixed deposits between 5 years and up to 10 years will now fetch 5.9% from 6% earlier.
SBI said senior citizens will continue to get 50 basis points higher interest rates than offered to above the rate payable for others.
SBI said the new FD rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.