SBI cuts interest rates on deposits across various tenors
Highlights
- Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement
- For time deposits with longer tenors, there is a reduction of up to 20 bps in the retail segment and 35 bps in the bulk segment
(Representative image)NEW DELHI: The State Bank of India (SBI) has slashed deposit rates on various tenors citing surplus liquidity and falling interest rate scenario.
Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.
For time deposits with longer tenors, there is a reduction of up to 20 bps in the retail segment and 35 bps in the bulk segment, it said.
The country's largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above.
The new rates will be effective from August 1, 2019, the bank said.
Revised rates on deposits below Rs 2 crore:
Revised rates on deposits between Rs 2 crore and Rs 10 crore:
Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.
For time deposits with longer tenors, there is a reduction of up to 20 bps in the retail segment and 35 bps in the bulk segment, it said.
The country's largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above.
The new rates will be effective from August 1, 2019, the bank said.
Revised rates on deposits below Rs 2 crore:
Revised rates on deposits between Rs 2 crore and Rs 10 crore:
Download The Times of India News App for Latest Business News.
more from times of india Business
LATEST VIDEOS
All Comments ()+^ Back to Top
Refrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred against any community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil.
HIDE