SBI Slashes Interest Rates On Fixed Deposits Across All Maturities
GUWAHATI: Government-owned State Bank of India (SBI) has cut interest rates on deposits across different tenors.
The bank cited surplus liquidity and falling interest rate scenario for the cut in rates.
Interest rates have been reduced by 50 to 75 basis points for time deposits with shorter tenors of up to 179 days, officials from SBI said in a statement on Monday, July 29. The rates will be effective form August 1.
The interest rate on fixed deposits maturing in seven days to 45 days has been reduced from 5.75 percent to 5 percent.
On deposits maturing in 46 days to 179 days, the bank has reduced the interest rate to 5.75 percent. Earlier it was offering an interest rate of 6.25 percent.
Further, fixed deposits with maturity between 180 days to 210 days will now have an interest rate of 6.25 percent- which is 10 basis points lower than earlier.
SBI has also slashed the interest rate on short-term deposits ranging from 211 days to less than a year to 6.25 percent from 6.40 percent.
Mid-term deposits from one year to less than two years will now get 20 basis points lower interest rates at 6.80 percent.