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Along with a revision in its lending rates, the State Bank of India (SBI) will accordingly cut its interest rates on savings accounts and fixed deposits, as per its statement on Wednesday.
Savings Accounts
With effect from 1 November 2019, the interest on savings accounts with SBI having balances less than Rs 1 lakh will be reduced from the existing 3.5 percent to 3.25 percent. Interest on savings account deposits with balances of over Rs 1 lakh was linked to repo rate by SBI. Currently, it stands at 3 percent.
Fixed/Term Deposits
SBI made a 10 basis points cut in its term deposit rates. This is the lender's second rate cut on FDs in this month. The new rates will be effective from 10 October.
Interest rates for regular customers on term deposits below Rs 2 crore:
| Tenors | Existing rate (in %) | From 10 Oct (in %) |
|---|---|---|
| 7 days to 45 days | 4.50 | 4.50 |
| 46 days to 179 days | 5.50 | 5.50 |
| 180 days to 210 days | 5.80 | 5.80 |
| 211 days to less than 1 year | 5.80 | 5.80 |
| 1 year to less than 2 year | 6.50 | 6.40 |
| 2 years to less than 3 years | 6.25 | 6.25 |
| 3 years to less than 5 years | 6.25 | 6.25 |
| 5 years and up to 10 years | 6.25 | 6.25 |
Interest rates for senior citizens on term deposits below Rs 2 crore:
| Tenors | Existing rate (in %) | From 10 Oct (in %) |
|---|---|---|
| 7 days to 45 days | 5.00 | 5.00 |
| 46 days to 179 days | 6.00 | 6.00 |
| 180 days to 210 days | 6.30 | 6.30 |
| 211 days to less than 1 year | 6.30 | 6.30 |
| 1 year to less than 2 year | 7.00 | 6.90 |
| 2 years to less than 3 years | 6.75 | 6.75 |
| 3 years to less than 5 years | 6.75 | 6.75 |
| 5 years and up to 10 years | 6.75 | 6.75 |
The revision comes less than a week after the Reserve Bank of India (RBI) cut its repo rate by 25 basis points. This was the fifth straight monetary policy rate cut by the central bank where the rate was revised to 5.15 percent from the earlier 5.40 percent on 4 October.
SBI said that adequate liquidity in the system was the reason for an interest rate cut on savings accounts and fixed deposits.
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