1 week ago

SBI Cuts Bulk FD Rates, Revises Savings Withdrawal Charges

SBI has changed some interest rates and account charges.

The interest-rate cuts apply only to large fixed deposits of Rs.

3 crore or more.

Several short-term deposits will now earn slightly less interest.

Most longer-term bulk deposit rates will stay the same.

Senior citizens will still receive an extra 0.50 percentage points on long-term bulk deposits.

People with regular retail fixed deposits below Rs.

3 crore are not affected by this rate change.

Basic Savings Bank Deposit Account customers will still get four free withdrawals each month.

After four withdrawals, each additional cash withdrawal will cost Rs.

15 plus GST.

Digital payments such as UPI and NEFT do not count toward the four-withdrawal limit.

Key facts

Affected bulk deposits: Domestic bulk term deposits of Rs. 3 crore and above.
Largest rate reduction: Rates fell by 25 basis points for 7–14 days, 15–45 days, and 46–179 days.
Highest general bulk FD rate: 6.25% for deposits with tenures of one year to less than two years.
Senior-citizen benefit: Senior citizens receive a 0.50 percentage-point premium across long-term bulk FD tenures.
BSBD free withdrawals: Four withdrawals per month, including transfers and ATM transactions at SBI or other bank ATMs.
Additional BSBD withdrawal fee: Rs. 15 plus GST per cash withdrawal beyond the first four monthly withdrawals, from October 1, 2026.
Unaffected retail deposits: Domestic retail term deposits below Rs. 3 crore have not had their interest rates changed.

financialexpress.com · 1 week ago