SBI first bank to cut fixed deposit rates to below 9%
SBI has cut the deposit rates for 1-3 years to 8.75 percent from 9 percent, while for the period of 180-210 days, it has hiked the rates to 7.25 percent from 7 percent.<br />
India's largest lender, State Bank of India, has revised interest rates on retail term deposits below Rs 1 crore.
SBIhas cut the deposit rates for 1-3 years to 8.75 percent from 9 percent, while for the period of 180-210 days, it has hiked the rates to 7.25 percent from 7 percent.
The interest rate for deposits from 211 days to less than 1 year would remain unchanged at 7.5 percent.
In an interview to CNBC-TV18, SBI Chairman Arundhati Bhattacharya said the reason for a revision in rates is based on the availability of liquidity, while the credit demand has been low.
"We have lot of liquidity in the 1-3 years band, thus we thought it right to cut the rates at that end. Also given the fact that inflation trajectory seems to be in the right direction, we will still be giving a real rate of return to out investors/depositors," she said, adding that the bank will keep reviewing other rates as well.
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