SBI cuts FD rates on select maturities
PTI
New Delhi
Flush with cash due to the demonetisation exercise of the government, State Bank of India (SBI) slashed fixed deposit rates on select maturities by up to 0.15 percent.
The term deposit of one year to 455 days has been reduced by 0.15 percent to 6.90 per cent from 7.05 percent effective Thursday, SBI said in a statement.
Besides, the one of 456 days to less than two years also gets cheaper to 6.95 percent from 7.10 percent.
The term deposit between two years and three years will now attract an interest rate of 6.85 percent
from seven percent.
The proposed rates of interest will be made applicable to fresh deposits and renewals of maturing
deposits.
However, NRO deposits of staff are not eligible for additional one per cent interest otherwise
applicable to staff domestic retail deposits. These rates of interest will also be made applicable to
domestic term deposits from cooperative banks, it said.
Meanwhile, SBI collected Rs 1,14,139 crore in deposits in last seven days after the government
announced to scrap Rs 500 and Rs 1,000 notes.
The government announced its decision to abolish Rs 500 and Rs 1,000 notes on November 8. Banks were opened for transactions from November 10 but were closed on November 14 on account of 'Guru Nanak Jayanti' in major parts of the country.
