SBI cuts fixed deposit rates

the largest state lender, State Bank of India (SBI), recently cut its interest rate on fixed deposits (FDs) by 10 basis points on two tenures. For a one-year FD, SBI cut interest by 10 basis points from 6.80 per cent to 6.7 per cent for general citizens. Additionally, for a term deposit of two to three years, SBI cut its interest from 7 to 6.9 per cent. The interest rates offered to senior citizens on fixed deposits (FDs) of 1-2 year tenure will also fall from 7.3 per cent to 7.20 per cent starting today. On a tenure of 2-3 years, senior citizens are entitled to receive 7.4 per cent starting today instead of 7.5 per cent earlier. The specific tenor scheme of 444 days (Amrit Vrishti) at a rate of 7.05 per cent is effective from April 15. Senior citizens are offered a rate of 7.55 per cent, and super senior citizens are offered a rate of 7.65 per cent.