If you are a regular customer of the State Bank of India then this news is for you. If you prefer SBI to invest your money in Fixed Deposit, you will be socked to know that , State Bank of India (SBI) has slashed interest rates on fixed deposits. The bank has reduced interest rates for FDs by 0.20% for three years, while it has not changed interest rates for a period of 3-10 years. The new rate of fixed deposit will be applicable from today. Following the new amendment, SBI will offer 3.3% interest on 7-day to 45-day FDs, 4.3% on 46-day to 179-day FDs, and 4.8% on 180-day to one-year FDs.
In addition, FDs with a maturity of 1 year will earn an interest of 5.5%. However, the interest rate of 5.7% on FDs ranging from 3 years to 10 years will remain the same as before, as the bank has not changed the interest rate on FDs for this period.
SBI is offering 0.50% higher interest rate to senior citizens on FD to common man. Following the new reforms, SBI will offer interest rates of 3.8% on 7-day to 45-day FDs, 4.8% on 46-day to 179-day FDs and 5.3% on 180-day one-year FDs. In addition, FDs will earn an interest rate of 6% over a period of 1 year to 3 years. In addition, SBI has clarified that State Bank of India is not providing any kind of emergency loan to customers through the YONO platform. It may be mentioned that a few days ago, in a message that went viral, the talk of giving a loan through Yono went viral, which the bank has called a rumor.
SBI also planning to introduced pre-approved personal loan scheme for salary class of people/ customers. If you have a salary account in SBI, you will be offered a pre-approved personal loan based on your credit score. For getting this loan, you are not required to provide any documents to Bank. This will be disbursed based on your credit score/ account record with the bank.
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