The State Bank of India (SBI) has reduced its fixed deposit (FD) interest rates by 0.20 per cent. One-year FDs will now earn an interest rate of 6.5 per cent.
This is the second consecutive month that the PSU bank has slashed its FD rates.
SBI has also cut the interest rate on its special FD scheme, Amrit Kalash, by 0.20 per cent. The scheme, which has a tenure of 444 days, will now offer an interest rate of 6.85 per cent.
These revised rates came into effect on May 16.
