NEWS & ADVICE : FIXED DEPOSITS
SBI reduces rate on bulk FD by 25 bps
By Neelima Shankar
Jun 4, 2013
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Country's largest lender, State Bank of India cuts its interest rates on bulk fixed deposits by 0.25 per cent to 7.25 per cent of maturity up to one year.

The bank said that it has been decided to reduce rates by 25 basis points on bulk deposits above Rs 1 crore for the maturity period of 7 days to less than 1 year.

"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," SBI said in a statement.

The announcement comes a month after RBI had cut its 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, while retaining the CRR for banks unchanged at 4 per cent.

Along with SBI, Oriental Bank of Commerce (OBC) in May had slashed fixed deposit rates by up to 1 per cent on selected maturities.


 


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