SBI cuts interest on fixed deposits

[Optimus_Prime]

Mumbai: Ahead of the Reserve Bank of India (RBI) credit policy on October 4, country’s largest lender State Bank of India (SBI) has reduced its term deposit rates by 0.25 percent.

SBI has revised its one-year retail fixed deposit rates up to Rs 1 crore to 6.50 percent. The new rates will be applicable from October 1.

“According to the new structure, for up to 1-year deposits, SBI will offer a rate of 6.50 percent as compared to 6.75 percent earlier,” the bank said.


Senior citizens will get an interest rate of 7 percent as against 7.25 percent earlier

“From October 1, SBI also reduced its base rate to 8.95 percent p.a. (from 9 percent) while its MCLR or marginal cost based lending rate continued to be at 8 percent on one-year tenure loans,” the bank said in the website

 

[Saj 007]

Also heard a news in Malayalam news channels that, SBI waived off the service charge for closing the savings account which was opened 1 year before.

 

[Sarkar]

Also heard a news in Malayalam news channels that, SBI waived off the service charge for closing the savings account which was opened 1 year before.

That's true

SBI waives closure charges for 1 year old savings accounts

 

[Sai Jai]

Soon FD will have nil interest like log subsidy waive off

 

[Sarkar]

Just make loan interest also nil or above 2% of FD interest then we should not have any issue if FD is nil :smile: