SBI cuts term deposit rates
Posted on: 01/May/2017 4:41:42 PM
The term deposit rates of State Bank of India, the largest lender in India, has is cut by 50 basis points. There is revision in rate introduced for medium and long term deposits made below Rs 1 crore.
As per the new structure, for deposits made for 2 years or lesser, SBI will offer 6.25 percent rate of interest, whereas the same was 6.75 earlier. For similar maturity, in case of senior citizens, the deposit rate is reduced from 7.25 percent to 6.75 percent.
There is 25 basis points reduction for deposits made for a period of 3 to 10 years. And hence, it is now 6.50 percent. For fresh deposits, new rates are to be offered. From 29th April 2017, renewal is applicable as well.
For all short-term deposits i.e. for deposits made between 7 days to up to less than 2 years, there is no change in rates. For 1 year to 455 days term deposits, 6.90 percent rate of interest is offered, and it is the highest of all.
There is also no change introduced in the marginal cost of funds based lending rates. 1-year MCLR is 8 percent.
