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State Bank of India (SBI) today announced reduction in interest rate on fixed deposits of maturity up to one year by 0.25 per cent to 7.25 per cent.
It has been decided to revise downwards by 25 basis points the interest rate on bulk deposits above Rs 1 crore for the tenors 7 days to less than 1 year, SBI said in a statement.
“Accordingly, the interest rate for bulk deposits for the above tenors will be 7.25 per cent per annum with effect from June 7, 2013,” it said.
The announcement comes a month after RBI reduced key policy rate by 0.25 per cent.
The RBI lowered the short-term lending (repo)rate to 7.25 per cent from 7.50 per cent, lowest since May 2011, while retaining the CRR for banks unchanged at 4 per cent.
Another public sector lender Oriental Bank of Commerce (OBC) in May had slashed fixed deposit rates by up to 1 per cent on select maturities.
The fixed deposit rate for maturities ranging from 31-45 days has been reduced to 6 per cent from 7 per cent.
At the same time, term deposit of 180-269 days earns 0.5 per cent lower interest rate at 8 per cent from earlier rate of 8.50 per cent, while interest rate on 91-179 days is down by 0.25 per cent at 7.75 per cent.
Source: thehindubusinessline
It has been decided to revise downwards by 25 basis points the interest rate on bulk deposits above Rs 1 crore for the tenors 7 days to less than 1 year, SBI said in a statement.
“Accordingly, the interest rate for bulk deposits for the above tenors will be 7.25 per cent per annum with effect from June 7, 2013,” it said.
The announcement comes a month after RBI reduced key policy rate by 0.25 per cent.
The RBI lowered the short-term lending (repo)rate to 7.25 per cent from 7.50 per cent, lowest since May 2011, while retaining the CRR for banks unchanged at 4 per cent.
Another public sector lender Oriental Bank of Commerce (OBC) in May had slashed fixed deposit rates by up to 1 per cent on select maturities.
The fixed deposit rate for maturities ranging from 31-45 days has been reduced to 6 per cent from 7 per cent.
At the same time, term deposit of 180-269 days earns 0.5 per cent lower interest rate at 8 per cent from earlier rate of 8.50 per cent, while interest rate on 91-179 days is down by 0.25 per cent at 7.75 per cent.
Source: thehindubusinessline
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