INSUBCONTINENT EXCLUSIVE:
SBI interest rate: The bank has revised its retail FD interest rates with effect from September 10State Bank of India (SBI), which revised
its interest rates on fixed deposits earlier this month, offers eight different maturity periods on retail deposits
The country's largest bank currently pays interest at the rates of 4.50-6.50 per cent on fixed deposits up to Rs 2 crore to the public,
and 5-7 per cent to senior citizens, according to its website - sbi.co.in
With effect from September 10, SBI revised interest rates applicable to retail fixed deposits (FD) in select maturities.Here are the
interest rates paid by State Bank of India currently on fixed deposits up to Rs 2 crore:Maturity periodFrom September 10, 2019PreviouslyFor
publicFor senior citizensFor publicFor senior citizens7 days to 45 days4.50%5%4.50%5%46 days to 179 days5.50%6%5.50%6%180 days to 210
days5.80%6.30%6%6.50%211 days to less than 1 year5.80%6.30%6%6.50%1 year to less than 2 year6.50%7%6.70%7.20%2 years to less than 3
years6.25%6.75%6.50%7%3 years to less than 5 years6.25%6.75%6.25%6.75%5 years and up to 10 years6.25%6.75%6.25%6.75%(Source: sbi.co.in)( 10
things to know about SBI minimum balance requirements)SBI pays a 50-basis-point (0.5 percentage point) higher return to senior citizen
depositors compared with others.The Reserve Bank of India has so far this year reduced the repo rate - the key interest rate at which it
lends short-term funds to commercial banks - by a total 110 basis points (1.1 percentage point) in four consecutive bi-monthly reviews
In its August 7 statement, the RBI decided to lower the repo rate by 35 basis points, and urged commercial banks once again to pass on the
TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
