new Delhi: The country's largest government bank, State Bank of India (SBI) Has cut the interest rate on fixed deposits (FD). SBI has cut interest rates on retail FDs by 10-50 basis points, while on wholesale FDs, it has cut interest rates by 25-50 basis points, which will be applicable from February 10.
The bank has cut interest rates on the remaining FDs, except for the maturity period of seven to 45 days. SBI has cut the interest rate on FDs maturing within 46 to 179 days by 50 basis points. Now the interest rate on these deposits will be five percent.
At the same time, SBI will pay interest at the rate of 5.50 per cent on FDs maturing within a period of 180 to 210 days and 211 days less than one year. Earlier, SBI used to offer 5.80 percent interest on deposits.
On FDs with maturities of one to ten years duration, SBI has reduced the interest rate from 6.10 percent to six percent.
At the same time, SBI will now give six percent interest rate on FDs maturing from 180 days to 210 days and 211 days to less than one year.
6.50 percent interest rate for senior citizens
After the recent interest rate cut on FD, SBI will give 6.50 per cent interest rate on FDs maturing between one year and 10 years to senior citizens. Let us know that on Thursday, the RBI decided to keep the repo rate at 5.15 percent.
It may be known that SBI has 24000 branches in India and more than 190 offices in 35 other countries around the world. SBI holds 1/5 of the market share of the Indian banking sector. Also, this bank has more than 400 million customers worldwide.
(Also from input-agency)