NEWS
SBI lowers deposit rates by 20 basis points
In a clear sign that interest rates are falling, SBI has reduced deposit rates by 20 basis points in all maturity buckets.
In a clear sign that interest rates are falling, SBI has reduced deposit rates by 20 basis points in all maturity buckets.
In a clear sign that interest rates are falling, the State Bank of India has reduced deposit rates by 20 basis points in all maturity buckets.
The 444-days scheme, which is SBI’s highest earning deposit instrument, is now offering an interest rate of 6.85% a year, down from 7.05%.
In the new interest rate easing cycle since February, SBI has cut deposit rates for the second time.
The Reserve Bank of India reduced repo rate by 50 basis points in two tranches, with the first being in its February bi-monthly monetary policy. Analysts expect another two-three rate cuts this year.
SBI's new rates are applicable for domestic retail term deposits below Rs 3 crore. Deposits over Rs 3 lakh fall under the bulk deposits category.
The interest rate payable to SBI staff will be 100 basis points above the card rate, the bank said.
