Ahead of the RBI’s August monetary policy meet, the State Bank of India (SBI) has revised the interest rate on fixed deposits across different tenured with effect from August 1, 2019.
Over longer tenure, the cut is up to 0.20 per cent while over shorter tenors, i.e. up to 179 days, the cut is significant as the rate of interest has been cut by 50 to 75 basis points.
Earlier this month, a few banks such as Bank of Baroda (BoB), HDFC Bank and Kotak Bank had already revised their deposit rates. The transmission of earlier rate cuts by RBI seems to be catching pace.
Interestingly, SBI had increased the fixed deposit rates on deposits of 1 year to less than 2 years while decreasing the rate slightly for other long-term deposits in May 2019.
The latest SBI FD rates
7 days to 45 days
Existing (Since May 9) : 5.75 per cent
New rate (From August 1): 5 per cent
46 days to 179 days
Existing (Since May 9) : 6.25 per cent
New rate (From August 1):5.75 per cent
180 days to 210 days
Existing (Since May 9) : 6.35 per cent
New rate (From August 1):6.25 per cent
211 days to less than 1 year
Existing (Since May 9) : 6.4 per cent
New rate (From August 1):6.25 per cent
1 year to less than 2 year
Existing (Since May 9) : 7 per cent
New rate (From August 1):6.8 per cent
2 years to less than 3 years
Existing (Since May 9) : 6.75 per cent
New rate (From August 1):6.7 per cent
3 years to less than 5 years
Existing (Since May 9) : 6.7 per cent
New rate (From August 1):6.6 per cent
5 years and up to 10 years
Existing (Since May 9) : 6.6 per cent
New rate (From August 1):6.5 per cent
Senior citizens will continue to get an additional rate of interest of 0.5 per cent on their deposits.
Here are the latest FD interest rates of few other banks who have revised their FD rates in July:
Bank of Baroda (BoB)
BOB has revised its interest rates on fixed deposits with effect from 20 July, 2019. On its 1 year tenure, it is offering 6.45 per cent, while for tenure Above 1 year to 400 days, the rate of interest is 6.60 per cent. Below are the rate of interest onother tenure of the term deposits:
Above 400 days and upto 2 Years – 6.55 per cent
Above 2 Years and upto 3 Years – 6.45 per cent
Above 3 Years and upto 5 Years – 6.45 per cent
Above 5 Years and upto 10 Years – 6.45 per cent
HDFC Bank
HDFC Bank revised its interest rates on fixed deposits with effect from 22 July, 2019. Below are the latest HDFC FD rate of interest.
1 Year : 7.10 per cent
1 year 1 day – 1 year 3 days : 7.10 per cent
1 year 4 days : 7.10 per cent
1 year 5 days – 1 Year 15 Days : 7.10 per cent
1 Year 16 days : 7.10 per cent
1 year 17 days – 2 Years : 7.20 per cent
2 years 1day – 2 Years15 days : 7.30 per cent
2 Years 16 days : 7.30 per cent
2 years 17 days – 3 Years : 7.30 per cent
3 years 1day – 5 years : 7.25 per cent
5 Years 1 Day – 8 Years : 7.00 per cent
8 Years 1 Day – 10 Years :7.00 per cent
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