SBI cuts deposit rate to 7-year low at 6.75% for 1 year tenure
The State Bank of India's (SBI) interest rate on one-year fixed deposits for less than Rs 1 crore has been slashed to a seven-year low of 6.75 per cent.
- Jul 5, 2017,
- Updated Jul 5, 2017 12:43 PM IST
The State Bank of India's (SBI) interest rate on one-year fixed deposits for less than Rs 1 crore has been slashed to a seven-year low of 6.75 per cent, a 15 basis points (bps) cut made by the state-lender earlier this month.
It was back in 2010 when the bank had offered the same rate on one-year fixed deposits.
The latest round of cuts saw the rate on deposits of tenures between one year and 455 days fall 40 bps to 6.5 per cent and that on deposits of tenures between 456 days and two years fall 25 bps to 6.5 per cent, reported the Financial Express.
Private sector banks ICICI Bank and HDFC Bank continue to hold rates on one-year deposits under Rs 1 crore at 6.9 per cent, while state lenders such as Punjab National Bank and Bank of Baroda currently offer 6.8 per cent and 6.9 per cent for the same.
The cut in the deposit rate comes amid rate-cut on home loans above Rs 75 lakh by 10 bps to 8.55 per cent for women and 8.6 per cent for others, rate-cut in interest rate for small savings schemes and low levels of Consumer Price Index (CPI)-based inflation.
The State Bank of India's (SBI) interest rate on one-year fixed deposits for less than Rs 1 crore has been slashed to a seven-year low of 6.75 per cent, a 15 basis points (bps) cut made by the state-lender earlier this month.
It was back in 2010 when the bank had offered the same rate on one-year fixed deposits.
The latest round of cuts saw the rate on deposits of tenures between one year and 455 days fall 40 bps to 6.5 per cent and that on deposits of tenures between 456 days and two years fall 25 bps to 6.5 per cent, reported the Financial Express.
Private sector banks ICICI Bank and HDFC Bank continue to hold rates on one-year deposits under Rs 1 crore at 6.9 per cent, while state lenders such as Punjab National Bank and Bank of Baroda currently offer 6.8 per cent and 6.9 per cent for the same.
The cut in the deposit rate comes amid rate-cut on home loans above Rs 75 lakh by 10 bps to 8.55 per cent for women and 8.6 per cent for others, rate-cut in interest rate for small savings schemes and low levels of Consumer Price Index (CPI)-based inflation.