Banking & FinanceCurrent Affairs

SBI announced rate cuts on FD

State Bank of India (SBI) has announced a rate cut of the fixed deposit rates across multiple tenors for general customers and senior citizens. It has reduced a rate cut up to 50 basis points (bps) in some tenors, and for some tenors, it has announced a reduction of 10 bps.  Highlights: The new rates were made effective from 10 March.  The fixed deposit (FD) rate for a period of 7 days to 45 days has been reduced to 4% from the earlier 4.50%, while it has been reduced to 4.50% from 5% for senior citizens.  For the FD rates for 1 year to less than 2 years, 2 years to less than 3 years, 3 years to less than 5 years, and 5 years to up to 10 years tenors, the rates have been reduced by 10 bps.  For general customers, the interest rate has been reduced to 5.90% from the earlier 6%. For senior citizens, in this case, it has been reduced to 6.40% from 6.50%. The last rate cuts on FDs were made applicable on 10 February.

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