Industry Odisha Bureau, Aug 19: SBI has lowered interest rates on certain large FDs, giving customers with bulk deposits a little less interest on some short term investments. The revision applies to domestic term deposits of Rs 3 crore and above and took effect on August 15, 2026.
The reduction is limited to shorter deposit periods. For general customers, SBI has cut the rate by 25 basis points on deposits with tenures ranging from seven days to 179 days. For deposits held for 180 to 210 days, the reduction is 10 basis points.
Further, there is no change in rates for bulk FDs with tenures of 211 days to 10 years, After the latest revision, general customers can earn between 5.25% and 6.50% on SBI bulk deposits, depending on the tenure.
Senior citizens have also been affected by the revision. SBI has reduced rates by 25 bps for seven-day to 179 day deposits and by 10 bps for 180-day to 210-day deposits. Rates for 211 days to 10 years, however, remain unchanged. Senior citizens can currently get between 5.75% and 7% on bulk FDs.
Notably, the revised rates apply to both new deposits and renewals. Therefore, customers whose existing bulk FDs are maturing will receive the new rates if they choose to renew them.
Depositors should also consider SBI’s premature withdrawal rules before locking in a large amount. A 1% penalty applies when a bulk deposit is withdrawn before maturity, including renewed deposits.
For customers with deposits below Rs 3 crore, there is no change. Regular SBI FDs continue to offer 3.05% to 6.40% for general customers. For senior citizens, it is 3.55% to 7.05%, depending on the tenure.
