The country's largest lender State Bank of India (SBI) on May 27 cut fixed deposit interest rate by 40 basis points across all tenors. This was the second rate cut in a month.
Also read: SBI cuts fixed deposit interest rates by 40 bps; check out latest FD ratesThe bank also extended the moratorium on term loan EMIs by another three months, in line with the Reserve Bank of India's (RBI) recent announcement.
Also read: SBI extends term loan EMI moratorium, simplifies process to opt for itCheck out SBI's latest fixed deposit interest rates for senior citizens effective May| Tenors | Existing interest rates for senior citizens | Interest rates with effect from May 27 |
| 7 days to 45 days | 3.8% | 3.4% |
| 46 days to 179 days | 4.8% | 4.4% |
| 180 days to 210 days | 5.3% | 4.9% |
| 211 days to less than 1 year | 5.3% | 4.9% |
| 1 year to less than 2 year | 6% | 5.6% |
| 2 years to less than 3 years | 6% | 5.6% |
| 3 years to less than 5 years | 6.2% | 5.8% |
| 5 years and up to 10 years | 6.5% | 6.2% |
SBI had last slashed interest rates on term deposits for ‘up to 3 years’ tenor by 20 basis points on May 12.
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.
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