SBI Reduced Deposit Rate
On Sunday , Mr Prime Minister of India said that huge bank deposit Rs 5000 Crore approx after demonitzation are not going to kept idle . Days after Prime Minister signalled that rates are on the way down, SBI reduced bulk deposit rates by up to 1.9 per cent on today.
Other banks may follow the way of the country’s largest bank. If such happens, it will on the path of low cost advances for new/ existing enterpneurs and on other hand this will be a slap for interest rate arbitrator who takes the benefits of interest rate difference in International Market.
SBI has reduced interest rates on bulk deposits ranging between Rs 1-10 crore. The new rates are effective tomorrow, SBI website showed.
For 180-210 day fixed deposit will attract 1.90 per cent lower interest rate at 3.85 per cent as against the 5.75 per cent earlier.
For fixed deposits between 1 year to 455 days, the rate has been lowered to 6 per cent from 4.25 per cent.
For FDs between 7 days to 45 days, the new rate will be 1.25 per cent lower at 3.75 per cent.
Earlier this month, SBI had cut fixed deposit rates for less than Rs 1 crore by up to 0.15 per cent.
