India's largest lender State Bank of India (SBI) has cut interest rates on its fixed deposits (FDs). On select maturities, the bank has adjusted interest rates. These rates are effective from September 10.
SBI FDs between 7 days and 45 days will now fetch 2.9 percent. Term deposits between 46 days and 179 days will give 3.9 percent, and FDs of 180 days to less than one year will fetch 4.4 percent.
Deposits with maturity between 1 year and less than 2 years will now give only 4.9 percent instead of 5.1 percent. FDs maturing in 2 years to less than 3 years will give 5.1 percent and deposits with 3 years to less than 5 years will offer 5.3 percent. Term deposits maturing in 5 years and up to 10 years will continue to offer 5.4 percent, after the latest revision.
An additional 50 bps interest rate is offered to senior citizens across all tenors. Senior citizens will get 3.4 percent to 6.2 percent on FDs maturing in 7 days to 10 years.
Here are SBI's latest FD interest rates for the general public for deposits below Rs 2 crore. (Effective from September 10)
| Duration | Interest rates |
| 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 | 4.9% |
| 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% |
These rates are effective from September 7. ICICI Bank offers 2.5 percent interest on deposits maturing in 7 days to 29 days. On deposits maturing in 30 days to 90 days, the interest rate is 3 percent. ICICI Bank has sharply cut the interest rate by 50 basis points (bps) on FDs maturing in 91 days to 184 days. These deposits will now fetch 3.5 percent. ICICI Bank offers an interest rate of 4.40 percent on deposits maturing in 185 days to 289 days. On FDs maturing in 290 days to less than 1 year, the rate is cut by 10 bps.
ICICI Bank is offering 4.4 percent on FDs maturing in 290 days to less than 1 year, after the latest revision. Term deposits maturing in 1 year to less than 18 months will fetch an interest rate of 5 percent. ICICI Bank FDs maturing in 5-10 years will now give you 5.50 percent interest. Senior citizens will get interest ranging from 3 percent to 6.3 percent on FDs maturing in 7 days to 10 years.
| Duration | Interest rates |
| 7 days to 14 days | 2.50% |
| 15 days to 29 days | 2.50% |
| 30 days to 45 days | 3% |
| 46 days to 60 days | 3% |
| 61 days to 90 days | 3% |
| 91 days to 120 days | 3.5% |
| 185 days to 210 days | 4.40% |
| 211 days to 270 days | 4.40% |
| 271 days to 289 days | 4.40% |
| 290 days to less than 1 year | 4.40% |
| 1 year to 389 days | 5% |
| 390 days to < 18 months | 5% |
| 18 months days to 2 years | 5.1% |
| 2 years 1 day to 3 years | 5.15% |
| 3 years 1 day to 5 years | 5.35% |
| 5 years 1 day to 10 years | 5.50% |
These rates are applicable from August 25. HDFC Bank gives 2.50 percent interest rate on deposits between 7 days and 29 days and 3 percent on deposits maturing in 30-90 days, after the latest revision. On FDs maturing in 91 days to 6 months, the bank has sharply cut the interest rate by 50 basis points. These will now fetch an interest rate of 3.5 percent. On term deposits maturing in 9 months to less than one year, HDFC Bank has slashed the interest rate by 10 basis points. These deposits will now give 4.4 percent. Term deposits maturing in one year to two years will fetch 5.10 percent interest. HDFC Bank has slashed the interest rate on long-term deposits maturing in two years to five years. FDs maturing in 2 years to 3 years will give 5.15 percent, 3 years to 5 years will give 5.30 percent. Deposits with a maturity period of 5 years to 10 years will give 5.50 percent interest. Senior citizens are offered interest rates from 3 percent to 6.25 percent on FDs maturing in 7 days to 10 years.
| Duration | Interest rates |
| 7-29 days | 2.50% |
| 30- 90 days | 3% |
| 91 - 6 months | 3.5% |
| 6 months - 1 year | 4.4% |
| 1 year - 2 years | 5.10% |
| 2 years 1 day - 3 years | 5.15% |
| 3 years 1 day - 5 years | 5.30% |
| 5 years 1 day - 10 years | 5.50% |
Axis Bank, a private sector lender, has cut interest rates on fixed deposits (FDs) with effect from August 26. The bank gives FDs across different tenures, ranging from 7 days to 10 years. It offers a higher rate to senior citizens on select maturities. After the latest revision, Axis Bank is offering an interest rate of 2.50 percent on FDs with maturity between 7 days and 60 days, and 4 percent for FDs maturing between 3 months and less than 6 months. For term deposits maturing in one year to less than 18 months, the bank gives 5.10 percent. For long-term deposits maturing in 2 years to less than five years, Axis Bank offers an interest rate of 5.40 percent.
| Duration | Interest rates |
| 7 days - 29 days | 2.50% |
| 30 days - 60 days | 2.5% |
| 61 days - 3 months | 2.75% |
| 3 months - 6 months | 4% |
| 6 months - 9 months | 4.40% |
| 9 months - 11 months 25 days | 4.50% |
| 11 months 25 days - 1 year 5 days | 5.15% |
| 1 year 5 days - 18 months | 5.10% |
| 18 months - 2 years | 5.25% |
| 2 years - 5 years | 5.40% |
| 5 years - 10 years | 5.50% |
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