Kolkata : State Bank of India (SBI) has cut interest rates on fixed deposits (FDs) for a second time in a month. The revised rates came into effect from March 10.

The SBI had earlier cut interest rates on FDs on February 10 by 50 basis points for the general public.

After the latest revision, FDs between seven to 45 days will now fetch 4 percent as against 4.5 percent previously. Similarly, FDs between one year to less than five years, will fetch 5.9 percent, from 6 percent earlier. Fixed deposits between five years, will fetch 5.9 percent, from 6 percent earlier. Fixed deposits between five years and up to 10 years will now fetch 5.9 percent from 6 percent earlier.

The new rates are applicable on retail fixed deposits of less than Rs 2 crore. The fixed deposit rate for senior citizens, however, will remain the same.