SBI's new fixed deposit rates effective from Thursday
Anticipating a lower credit offtake than what was expected, State Bank of India (SBI) has revised its fixed deposit rates Thursday onwards.
The bank in a statement said it has decided to cut the deposit rates by 25 basis points (0.25 percent) to 8.75 percent on deposits of 1-3 year duration.
On the other hand, the bank revised upwards the interest rates by 0.25 percent on deposits for 180-210 days.
According to SBI, the rate adjustment will continue to ensure that the savers are compensated adequately as the inflation rate is also going down.
The interest rates on other deposit durations remain unchanged.