SBI cuts interest rates on FDs

Mumbai: India's largest public sector bank State Bank of India (SBI) on May 27 cut fixed deposit interest rate by 40 basis points across all tenors. This is the second rate cut in a month. The latest FD rates are effective on Wednesday, SBI said in a statement.

Bank also slashed interest on bulk deposits of Rs 2 crore or more by up to 50 basis points. The maximum offered by SBI under this category is 3 per cent. The new rates under this category are also applicable from Wednesday. On May 12, SBI had slashed interest rates on term deposits for 'up to 3 years' tenor by 20 basis points.

In March, SBI had slashed the interest rate on FDs by 20-50 bps across tenors effective March 28, 2020. That was the second rate cut in March. Earlier, the bank had cut interest rates on FDs on 10 March.