In a major relief to the customers amid coronavirus pandemic, State Bank of India, last week, had slashed benchmark lending rate by 15 basis points, and introduced special deposit scheme for senior citizens with higher interest rate.
The country's largest lender has introduced a new product 'SBI Wecare Deposit' for senior citizens in the retail term deposit segment to safeguard their interests in the current falling rate regime.
Under this new product, an additional 30 basis points premium will be payable for senior citizens retail term deposits with '5 Years and above' tenor only, it said.
The scheme will be in effect up to September 30, it said.
However, SBI slashed its interest rates on retail term deposits by 20 basis points for 'up to 3 Years' tenor, effective from May 12 in view of adequate liquidity in the system as well as with the bank.
Here are SBI's new fixed deposit interest rates for senior citizens starting from May 12:
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 less than 3 years - 6%
3 years to less than 5 years - 6.2%
5 years and up to 10 years - 6.5%
