State Bank of India (SBI), India's largest public sector bank, has suffered a setback. Apart from this, SBI has cut interest on retail term deposits. The same bank has reduced it by 15 basis points. The new rates come into effect from 10 January 2020. Along with this, the term deposit period is from one year to 10 years.
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According to the information given on the bank's website, the lender has reduced the interest rates on fixed deposit deposits ranging from 6.25 percent to 6.10 percent from one year to 10 years. According to the information received according to sources, for the period from seven days to 45 days and 46 days to 179 days for fixed deposits, the bank is giving interest rates of 4.50 per cent and 5.50 percent respectively.
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An interest rate of 5.80 percent can be found on fixed deposits deposited for a period of 180 days and less than one year. In addition, the bank is offering 50 basis points higher interest rate to senior citizens. Senior citizens will get interest at the rate of 6.60 per cent on fixed deposits maturing from one year to 10 years. Last month, the bank cut its external benchmark based rate (EBR) by 25 basis points from 8.05 per cent per year to 7.80 per cent per year. With this, the home loan rate of the bank also decreased from 8.15 percent to 7.90 percent.
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