SBI’s move towards cutting down interest rates on select maturities by 0.5%

This is for the second time in this fiscal year after February, SBI has cut down its interest rate on select maturities of fixed deposits by 0.5%. As SBI is considered one of the leading banks in India, Every other bank is expected to follow its footsteps.

Let’s have a look on major changes that have recently happened for SBI FD Interest rates:

Maturity dates	Interest rate changes (Effective from July 18, 2014)
7 days to 179 days	From 7.50% to 7.00%
7 days to 60 days (for bulk deposits above 1 crore)	From 6.50% to 6.25%
61 days (for bulk deposits above 1 crore)	From 7.00% to 6.75%
3 years to 5 years	Reduced by 0.25%
5 years and above	Reduced by 0.50%

 

The Repo rate and Cash reserve ratio is kept unchanged at 8.00% and 4.00% respectively.

This is in fact a major change reported by SBI. Every Fixed deposit aspirant should have a look on these major changes. One can calculate SBI FD interest rates by using FD Calculator through BankBazaar and can get an idea on their respective earnings in terms of interest. This will be of great help to respective individuals to plan their investments through Fixed deposits.