State Bank of India (SBI), the country’s largest bank, has cut interest rates by 0.20 percent on several -term fixed deposits (FD) schemes by 0.20 percent. That is, investors are now being offered less returns than before for FD. The new rates are applicable from 16 May. According to the information present on the bank’s official website, the cut in interest rates on retail domestic term deposits (FD) less than Rs 3 crore is applicable to both the general public and senior citizens.
How much will you get interest now
According to the news, SBI has reduced the deposit rates of 7-45 days from 3.3 percent, 46-179 days from 5.5 percent to 5.3 percent and the deposit rates of 180-210 days have now been reduced from 6.25 percent to 6.05 percent. Similarly, the deposit rates of less than 1 year from 211 days have been reduced from 6.5 percent to 6.3 percent, deposit rates of less than 1 year from 6.7 percent to 6.7 percent and deposit rates of less than 2 years to 6.9 percent have been reduced from 6.9 percent to 6.7 percent.
RBI has cut policy rates
The Reserve Bank of India (RBI) has cut its policy rates by 0.50 percent in recent months by 0.50 percent. Since then, banks have started cutting interest rates on FDs. This deduction made by SBI in rates is also being seen in a similar way. The RBI Monetary Policy Committee will hold a meeting in early June for the Biological Review. In this, economists are expecting another rate cut, as inflation continues to fall.
Latest business news