Banks new fixed deposit rates after the RBI reduced the repo rate

September 07, 2019 |
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Banking
Banks new fixed deposit rates after the RBI reduced the repo rate

When it comes to bank deposit, it is the one that comes to mind. Fixed deposits are a safe source of income. State Bank of India, Federal Bank and Punjab National Bank are the major banks offering fixed deposit interest rates. Most banks offer fixed deposits of ten years duration. Recently, banks have revised fixed deposit interest rates after the RBI cut the repo rate by 35 basis points four times in a row.

State Bank of India offers short term FD rates of seven days to 45 days and 46 days to 179 days with interest of 4.50% and 5.50% respectively. For maturity period of 180 days to 210 days and 211 days to less than 1 year, SBI offers interest rate of 6%. Term deposits between 1 year and 2 years will receive an interest rate of 6.70%.

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