Business

SBI cuts fixed deposit rates

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Mumbai

There are more bad news for savers with State Bank of India (SBI) deciding to cut the fixed deposit rates at a time when consumer price index-based inflation shot up to 5 year high of 7.35%.

For deposits below Rs 2 crore, SBI will now offer 6.10% as compared to 6.25% for all maturities of 1 year and above. The new rates came into effect from January 10. Senior citizens will continue to get 50 bps higher than the card rate.

The deposit rate reduction will help the bank to retain its net interest margins since SBI had reduced lending rates in December.

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Printable version | Jan 29, 2020 12:40:08 AM | https://www.thehindu.com/business/sbi-cuts-fixed-deposit-rates/article30569482.ece

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