Banking & FinanceCurrent Affairs

SBI announces rate cut in FDs

State Bank of India (SBI) has announced a cut in retail fixed deposits (FD) rates. The rate cut will be effective from 10 February. The move by SBI is due to the surplus liquidity in the system.  SBI rate cut: SBI realigned its interest rate on Retail Term Deposits which is less than Rs.2 crores and Bulk Term Deposits of Rs.2 crores and above.  SBI reduced the Term Deposit rates by 10-50 basis points (bps) in the Retail segment and 25-50 bps in the Bulk segment. It reduced the FD rates across all tenors except for those with a maturity period of 7 days to 45 days. SBI announced a rate cut of FDs that are maturing in 46 days to 179 days by 50 bps. For FDs maturing in 180 days to 210 days and 211 days to less than 1 year, an interest rate of 5.50% will be given. It also offered senior citizens an additional 50 bps interest rate across all tenures.

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