New Delhi: Two big banks of the country have given a blow to FD customers in the era of coronavirus epidemic. Both big banks have cut interest rates from 0.20 percent to 0.50 percent. While the State Bank of India (SBI) implemented the new FD rates from today, the second-largest bank in the private sector implemented it from May 11.

SBI has implemented its new interest rates from today. Now the bank will provide 3.3 percent interest on FDs ranging from 7 days to 45 days, 4.3 percent on FDs of 46 days to 179 days, 4.8 percent on FDs of 180 days to one year. Interest will be given at the rate of 5.5 percent on 1 to 3 years. However, 5.7 percent interest on FDs from 3 years to 10 years will continue to be available at the earlier rate, because the bank has not made any changes in the FD interest rate at this time.

ICICI Bank has announced a reduction of 50 basis points in FD rates. The bank has also implemented the new rates of fixed deposits from May 11. After this deduction by the largest private sector bank, now interest will be given on the FD up to 1 year at the rate of 5.25 percent. However, on FDs of more than one year, these rates will be around 5.7-5.75 percent.

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