NEWS & ADVICE : FIXED DEPOSITS
SBBJ trims deposit rates up to 100 basis points
By Neelima Shankar
Jun 19, 2009
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Following its parent bank SBI, the State Bank of Bikaner and Jaipur, the largest subsidiary of State Bank of India lowered the deposit rates across maturities by up to 100 basis points.

With these rates into effect, a deposit in slab of 180 days to one year will earn interest at rate of 6.50 percent, which is 75 basis points lower when compared to the previous rates.

For deposits between one to two years, the deposits rate is 7.75 percent as compared to the previous 8.5 percent.

The new deposit rates came into effect June 18 onward.

 

Interest Rates on term deposits w.e.f. 18.06.2009

Duration

Rate of interest

 

15 - 45 days

3.25

 

46 - 90 days

4.25

 

91-179 days

5.50

 

180 days & less than 1 year

6.50

 

1 year - less than 2 year

7.25

 

2 year - less than 3 year

7.75

 

2 year - less than 5 year

7.50

 

5 year - less than 10 year

8.25

 

For senior citizens deposits, the rate of interest on deposits of 1 year and up to 2 years is 7.75 percent.

Duration

Rate of interest

 

1 year - less than 2 year

7.75

 

2 year - less than 3 year

8.25

 

2 year - less than 5 year

8.00

 

5 year - less than 10 year

8.75

 

 

The State Bank of India reduced deposit rates by 25 basis points across all the maturities earlier this month.

 


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