SBI reduces deposit rates, cites surplus liquidity, falling interest rates
New Delhi |
Press Trust of India Jul 29, 2019 02:05 PM IST
Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.
The State Bank of India (SBI) has slashed deposit rates on various tenors citing surplus liquidity and falling interest rate scenario.
Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday.
Hindustan Times - your fastest source for breaking news! Read now.
For time deposits with longer tenors, there is a reduction of up to 20 bps in the retail segment and 35 bps in the bulk segment, it said.
The country’s largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above.
The new rates will be effective from August 1, 2019, the bank said.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
Share this article