The top lending institute of the country- State bank of India has again cut down the rates on the selected maturities of fixed deposits. Recently the bank has revised the rates and within a period of month or so the bank has revised its rates.
In the July the bank has reduced its rate by 0.25%, and then in September again bank reduced its rates. SBI stated that the reduction in rates will help the bank to enhance its net interest income. The bank had cut bulk term deposit rates (R1 crore and above) by 25 bps for tenures of 7-60 days to 6.25% and 61 days to less than one year to 6.75%.
Apart from this Punjab national bank, Oriental bank of Commerce had also recently revised their rates. In the beginning of the October the deposits in the banking sector grew 13% to R82.9 lakh crore and non-food.