SBI’s latest revision comes after the Reserve Bank of India’s six-member Monetary Policy Committee (MPC) unanimously voted to reduce the repo rate by 25 bps to 5.25% from 5.50%.
Revised rates
The bank has reduced the interest rates for deposits under ₹3 crore with a tenure of two to three years, from 6.45% to 6.40% for the general public and from 6.95% to 6.90% for senior citizens.
The interest rate of the specific tenor scheme of “444 days”, Amrit Vrishti, has been revised from 6.60% to 6.45%.
What is the highest interest rate?
For deposits of less than ₹3 crore, the bank will now offer interest rates of up to 6.05% for the general public and 7.05% for senior citizens, based on the tenure.
Interest rates for other tenures
General public
For fixed deposits with tenures ranging from 7 to 45 days, depositors can earn 3.05% and 4.90% for tenures of 46 to 179 days. For deposits with tenures of 180 to 210 days, depositors can earn 5.65 % and 5.9% interest for tenures of 211 days to less than a year. Deposits with tenure for one year to less than two years will fetch you 6.25% interest, while you can earn 6.30% interest on deposits with a term of three to less than five years. Depositors can earn 6.05% interest on deposits with terms ranging from 5 to 10 years. The bank offers multiple deposit options, with tenures ranging from 7 days to 10 years.
Senior citizens
Senior citizens will earn higher interest rates based on the tenure. For 7 to 45 days, the rate is 3.55%; for 46 to 179 days, it’s 5.40%. Deposits of 180 to 210 days earn 6.15%, while those of 211 days to less than a year offer 6.40%. Deposits lasting one year to less than two years provide 6.75%, and those with a three to five-year term will fetch 6.80% interest. For deposits ranging from 5 to 10 years, senior citizens will get 7.05% interest.
Revised MCLR rates
In addition to term deposit rates, SBI has revised the Marginal Cost of Funds-based Lending Rate (MCLR), which represents the minimum interest rate for loans.
SBI’s overnight and one-month MCLR rates have been cut from 7.90% to 7.85%. Three-month MCLR has been reduced from 8.30% to 8.25%. The six-month MCLR has been reduced from 8.65% to 8.60%. The one and two-year MCLR rates have been revised to 8.70% from 8.75%, while the three-year rate has been reduced from 8.85% to 8.80%.
Revised EBLR rate
SBI has reduced the External Benchmark Linked Rate (EBLR) from 8.15% to 7.90%, as of 15 December. EBLR is linked to floating interest rates for loans, typically tied to an external benchmark, such as the Reserve Bank of India’s (RBI) Repo Rate.
