Fixed Deposit Interest cut by SBI – This headline has become so common nowadays that people probably don’t get a sudden shock now while seeing this kind of news.
Today on the 10th of October we are witnessing the 3rd cut in interest in FD by State bank of India in nearly 6 weeks.
On 26th August 2019 there was an interest rate cut. Then on the 10th of September 2019, there was a fall in FD interest. Now today just after the Durga puja week the 3rd cut by SBI in 6 consecutive weeks is observed.
Let’s see how the rate of FD interest dropped during these 3 cuts. We will see domestic rate tables (including senior citizens) for this discussion.
Revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) interest rates -public
Revision in Interest Rates On Retail Domestic term deposits (Below Rs. 2 crore) interest rates -SENIOR CITIZENS
Revision in Interest Rates on Domestic Bulk Term Deposits (Rs. 2 Crores and above) – public
Revision in Interest Rates on Domestic Bulk Term Deposits (Rs. 2 Crores and above) – SENIOR CITIZENS
When the rate chart published on the 10th of September 2019 had a drop of FD rate for all given tenors, the 10th October 2019 rate card for domestic FD witnessed a rate cut for the duration of “1 year to less than 2 years” only.
These quick drops of FD have caused a great concern among commoners who prefer to invest in FD considering it as one of the safest investment tools. Even the senior citizens who deposit their hard-earned money for a decent return to run their kitchen are badly hit.
SBI FD Interest Rates