Mumbai, July 29: The country's largest lender State Bank of India (SBI) has revised its fixed deposit rates across several tenors. The bank has realigned its interest rate on Retail Term Deposits (less than Rs. 2 crores) and Bulk Term Deposits (Rs. 2 crore & above) with effect from 1 August. According to an ANI tweet, for time deposits with longer tenors, there is a reduction up to 20 bps (basis points) in the Retail segment and 35 bps in the Bulk segment. State Bank of India (SBI) Online Banking App YONO Restored After Temporary Outage.

Interest rates have been slashed by 50-75 bps for time deposits with shorter tenors, that is up to 179 days. The bank has 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 slashed the rate of interest from 5.75 percent to 5. 00 percent.

On deposits maturing in 46 days to 179 days, the bank has reduced the interest rate to 5.75 percent. For deposits maturing in 180 days to 210 days, SBI has cut the interest rate by 10 basis points and the current interest rate is 6.25 percent.

Check the ANI tweet here:

Check New Fixed Deposit Rates, Effective from August 1, 2019

7 days to 45 days: 5 percent

46 days to 179 days: 5.75 percent

180 days to 210 days: 6.25 percent

211 days to less than 1 year: 6.25 percent

1 year to less than 2 years: 6.8 percent

2 years to less than 3 years: 6.70 percent

3 years to less than 5 years: 6.60 percent

5 years and up to 10 years: 6.50 percent

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 percent. The interest rate on mid-term deposits ranging from one year to less than two years is 6.80 percent. All senior citizen member will continue to get an additional rate of interest of 0.5 per cent on their deposits.

Earlier this month, Bank of Baroda (BoB), HDFC Bank and Kotak Bank had already revised their deposit rates.

(The above story first appeared on LatestLY on Jul 29, 2019 02:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).