SBI has shocked its customers twice in this month. Now, once again, the fixed deposit by SBI means that the interest rate on FDs has come

SBI has shocked its customers twice in this month. Now, once again, the fixed deposit by SBI means that the interest rate on FDs has come down. This will be a huge loss to customers who have made a fixed deposit (FD) for their savings.

It may be mentioned here that there is a huge investment in FDs from the beginning for safe and good interest rates. The bank has cut all FDs by 0.40 per cent. The new rates are effective from June 27.

SBICustomers of 1 or 2 year fixed deposit (FD) will now get 5.10 per cent interest. Earlier, customers were getting 5.50 per cent interest.

This interest rate will also apply to FDs of two years and below. Earlier, SBI had slashed interest rates by up to 3 years on FDs by 0.20 per cent in the first week of May. The rates were introduced by the bank on May 12. This is the second time in a month that interest rates have been cut.

SBIIt may be recalled that the FD was also cut by the bank on March 28. At the time, the bank had announced a 0.50 per cent cut in retail FD interest rates of less than Rs 20 million, but in the meantime, SBI had launched an aggressive savings scheme for the elderly. The deadline to join the SBI ‘WECARE’ deposit scheme is September 30.