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State Bank of India has pared the interest rate on retail term-deposits of one-year maturity by 25 basis points, to 6.50 per cent. The change is effective October 1.
The highest interest rate that India’s largest bank is offers on retail terms deposits (of below ₹1 crore) is now 6.50 per cent, compared to 6.75 per cent earlier.
SBI now offers 6.50 per cent interest on retail term deposits in six maturity buckets (starting from 46 days to less than two years). It offers 6.25 per cent interest on three maturity buckets (from two years to 10 years) and 5.50 per cent on term deposits in the 7-45 days band.
The rate applicable to senior citizens and SBI pensioners is 0.50 per cent above the rate payable for all tenors. Besides, the interest rate payable to SBI staff and SBI pensioners is 1 per cent above the applicable rate.
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