Are you SBI FB account holder? Then this news is important for you. The State Bank of India (SBI) has cut the interest rates on its Fixed Deposits (FD) maturing between 1 year to 10 years. The SBI has introduced a 0.15 per cent or 15 basis points (bps) rate cut in the long-term deposits with the aforementioned maturity terms. The new SBI FD interest rates would be applicable from 10th January 2020.

According to the information available on SBI's website — sbi.co.in — State Bank of India has slashed its highest FD interest rates from 6.25 per cent to 6.10 per cent. For senior citizens, the new interest rates applicable on such deposits with a term between 1 year to 10 year is now revised to 6.75 percent from the previous 6.60 percent.

The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50% above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1%) and resident Indian Senior Citizens (0.50%).

The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “SBI Tax Savings Scheme 2006(SBITSS)” Retail Deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for an additional 1% interest otherwise applicable to staff domestic retail deposits, these rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks.