INSUBCONTINENT EXCLUSIVE:
SBI has announced a revision from 3.50% to 3.25% on balances up to Rs1 lakh.State Bank of India (SBI), the country's largest lender, will
reduce the interest rates on deposits in retail savings accounts from November 1, 2019
In a statement last week, the bank said that "in view of the adequate liquidity in the system", interest rates on savings accounts with
balances up to Rs 1 lakh would be lowered by 25 basis points (bps) or 0.25 percentage points
The cut in SBI interest rate follows reduction in the repo rate - the key interest rate at which it lends short-term funds to commercial
The interest rates on savings account deposits above Rs 1 lakh has been kept unchanged.Earlier this month, the RBI lowered the repo rate by
0.25 percentage point to 5.15 per cent, marking the fifth straight bi-monthly reduction in the key interest rate so far this year
rates to the RBI's repo rate, offering an interest rate of 275 basis points lower the repo rate on savings account deposits with balance
The SBI FD rates have been lowered by 10 basis points (or 0.10 percentage point) across a select tenor in the retail segment
In bulk segment, SBI FD interest rates have been reduced by 30 basis points (or 0.30 percentage point).For retail domestic fixed deposits up
days to 10 years, according to the bank's website - sbi.co.in.Get Breaking news, live coverage, and Latest News from India and around the
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