SBI Cuts Retail Fixed Deposit Rates
Posted on: 06/Dec/2014 11:49:16 AM
State Bank of India has announced a cut in interest rates on fixed deposits of select maturities. The 0.25 per cent rate cut will be effective from December 8 and it is applicable on retail deposits (below Rs 1 crore).
Accordingly, fixed deposits of maturity between 1 year and less than 3 years will fetch 8.5 per cent as compared to earlier rate of 8.75 per cent. Similarly, the rates on fixed deposits between 3 years and 5 years will fetch 8.5 per cent.
The rates on more deposits of more than five years of maturity period will be 8.25 per cent, from 8.5 per cent earlier.
Last month, SBI had lowered rates on deposits on 7-45 day retail deposits.
