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SBI, (Photo Credits: Wikimedia Commons)
new Delhi: Amidst the Coronavirus crisis, the State Bank of India (SBI) has announced the highest interest rate on fixed deposits (FD) to senior citizens under the SBI Wecare Deposit scheme. The new scheme of SBI (State Bank of India) has come into effect from today (May 12). While this scheme will remain in force till 30 September 2020.
Under this new scheme, SBI will give additional benefit of 30 basic points to senior citizens on getting FD. However, senior citizens will get the benefit only on FDs of five years and above duration. The bank said in a statement that amidst the current falling interest rate, SBI has introduced 'Veecare Deposit' to protect the interests of senior citizens. SBI hikes home loan interest rate by 0.3 percent
However, SBI has cut interest rate by 0.20 percent on retail term deposits of up to three years. The bank has said that it has taken this step in view of the system and the sufficient liquidity it possesses. This deduction will be applicable from May 12. SBI Card's fourth quarter profit down 66 percent at Rs 84 crore due to increased provision for Kovid-19
SBI FD Interest Rate (For Senior Citizens):
7 days to 45 days – 3.8%
46 days to 179 days – 4.8%
180 days to 210 days – 5.3%
211 days to less than 1 year – 5.3%
1 year to less than 2 years – 6%
2 years to 3 years – 6%
3 years to less than 5 years – 6.2%
5 years and up to 10 years – 6.5%
It is noteworthy that SBI has reduced the interest rate on loans by 0.15 percent. On the revision of loan rates, SBI said that it has reduced the Fund's marginal cost based lending rate (MCLR) from 7.40 percent to 7.25 percent. This deduction has been effective from May 10.
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