This bank gave shock to its customers by reducing the interest rate on FD
This bank gave shock to its customers by reducing the interest rate on FD
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State Bank of India, India's largest bank, has reduced interest rates on its FD, so it is reasonable that its customers will be shocked. Since November 1, the bank has applied the reduced interest rates on FD. Even before that, SBI has cut the interest rates on its savings accounts. After that, all public and private banks had reduced the savings rate of Saving Bank to half a percent. 

SBI Managing Director Rajnish Kumar said, “The (real interest rate) is high even after this cut, but a sharper cut was not wise at this stage. So, we have taken a graduated approach.”

These interest rates have been reduced by quarter-percentage (0.25%). The cuts of interest rates have also hit senior citizens. However, the bank will give 1% more interest to its staff and its pensioners than normal and senior citizens. If the pensioners of SBI over 60 years of the bank have an FD in the bank then it will get 1.50 per cent profit. 

According to the bank's website, new interest rates have come into effect from 1st November. Now the new FD will be according to these rates of interest. Besides, if someone wants to renew their old FD, then interest will be charged according to the new rates. Also, the bank has not cut any interest rate on the FD of more than Rs.1 crore. 

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