NEWS & ADVICE : FIXED DEPOSITS
SBI slashes term deposit rates
By Neelima Shankar
Apr 13, 2009
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Indicating a southward move on deposit rates, country's largest lender, State Bank of India (SBI) has announced up to 50 basis points cut in its term deposit rates across various maturity.

SBI has declined its peak deposit rate for the 1,000 days deposit to 8.25% from 8.5%. The term deposit rates across the maturities stand as follows:

TenureInterest Rate NowInterest Rate Earlier

15 days to 45 days

4%

4.25%

46 days to 90 days

5%

5.25%

91 days to 180 days

6.25%

6.50%

181 days to less than 1 year

7%

7.25%

1 year to less than 2 years

7.75%

8.10%

2 years to less than 1000 days

8%

8.25%

1000 days

8.25%

8.50%

1001 days to less than 3 years

8%

8.25%

3 years to less than 5 years

8%

8.50%

5 years to less than 8 years

8.25%

8.50%

These rates are applicable for deposits below Rs 1 crore and are effective from April 13th.

The bank's move is expected to be followed by others and thereby make way for reduction in lending rates in the near future.


(Comments Posted : 1) Post Your Comments
1. Hi. I had a general query. The fee of 1000/- that is charged by the bank for the "TERM DEPOSIT"... Is that amount debited to the account or does it go in the pocket of the bank???
Amin (Posted: Dec 10, 2010)
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