NEW DELHI, May 19: Country’s largest lender State Bank of India (SBI) has cut fixed deposit rates by 20 basis points across tenors effective May 16.

  As per the bank’s website, the cut in interest rates on retail domestic term deposits below Rs 3 crore is applicable for both general public and senior citizens.

Deposits for 2 years to less than 3 years gives the maximum interest to investors at 6.7 per cent, followed by 3 years to less than 5 years which gives 6.55 per cent interest from May 16.

Fixed deposits of 5 years to 10 years now get interest of 6.30 per cent for general public, while it is 6.5 per cent for deposits of duration 1 year to less than 2 years.

The interest rate of specific tenor scheme of “Amrit Vrishti”(444 days) has also been revised from 7.05 per cent to 6.85 per cent effective May 16, 2025. Senior citizens and super senior citizens (aged above 80 years) are eligible for their additional benefits in rate of interest.

Last month also, SBI had cut deposit rates by 10-25 basis points, taking cue from the policy rate cuts by the RBI.

The Reserve Bank in April had slashed key interest rate by 25 basis points for the second time in a row to support growth facing the threat of reciprocal tariffs by the US. The policy repo rate now stands at 6 per cent.

Shares of SBI were trading at Rs 793.95, up 0.27 per cent over previous close on BSE. (PTI)