Fintotal News Analysis | SBI lowers interest rate on Fixed Deposit
SBI lowers interest rate on Fixed Deposit
, 08 Jun 2012

7 June 2012

Nation's largest lender State Bank of India cut interest rate on term deposits by 25 basis points on select maturities ahead of RBI's mid-quarter policy review schedule for month-end. New rates apply to domestic deposits below Rs 1 crore and will be effective from 08 June 2012.

Summary table of new rates for SBI term deposits below Rs 15 lakhs:

Tenor (in days)

New rate (in %)

Existing rate (in %)

Non senior citizens

Senior citizens

Non senior citizens

Senior citizens

7-90

7.00

7.00

7.25

7.25

91-179

7.00

7.00

7.25

7.25

180

7.00

7.00

7.25

7.25

181-240

7.25

7.25

7.50

7.50

Experts anticipate the central bank RBI to slash repo rate by 25 basis points in the upcoming monetary policy review. Other banks are expected to follow suit post the rate cut.

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