New Delhi: State Bank of India Latest Updates: SBI (State Bank of India) again decreased the interest rate of fixed deposits. this new interest rate on fixed deposits will be applied from the 10th day of this month. In case of permanent deposit for a period of one to two years 5.10 percent, it has been increased to 4.90 percent. That means 20 basis points interest was reduced.
Interest rates have declined at the same rate not only for ordinary consumers but also for senior citizens. It has been reduced from 5.60 percent to 5.40 percent. However, interest rates remained unchanged in other terms. New interest rate will be applicable on opening of new permanent deposit book or renewal of old deposit.
It is to be noted that the term of special scheme ‘SBI Wecare’ for senior citizens has been extended till 31st December. In that project, the senior citizens usually get 50 basis points more interest. Senior citizens are paid 30 basis points premium on deposits of five years or more.
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