State Bank of India or SBI, India’s biggest Bank, has cut interest rates on fixed deposits or FDs for second time in a month. The revised rates came into effect from 10th March. SBI had earlier cut interest rates on FDs on 10th February.

According to the latest revision, SBI FDs between 7 days to 45 days will now fetch 4%, from 4.5% earlier. Similarly, FDs between one year to less than 5 years, will fetch 5.9%, from 6% earlier. SBI fixed deposits between 5 years and up to 10 years will now fetch 5.9% from 6% earlier.

SBI said senior citizens will continue to get 50 basis points higher interest rates than offered to general public. These rates are applicable on retail fixed deposits of less than ₹2 crore.

SBI latest FD rates for general public

7 days to 45 days – 4%

46 days to 179 days – 5%

180 days to 210 days- 5.5%

211 days to less than 1 year – 5.5%

1 year to less than 2 year- 5.9%

2 years to less than 3 years – 5.9%

3 years to less than 5 years – 5.9%

5 years and up to 10 years – 5.9%

SBI latest FD rates for senior citizens

7 days to 45 days – 4.5%

46 days to 179 days – 5.5%

180 days to 210 days- 6%

211 days to less than 1 year – 6%

1 year to less than 2 year- 6.4%

2 years to less than 3 years – 6.4%

3 years to less than 5 years – 6.4%

5 years and up to 10 years – 6.4%

SBI said the new FD rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.