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Demonetisation: SBI slashes bulk deposit rates by up to 1.9%

The reduction in deposit rate by the country's largest lender may be precursor to a lending rate cut

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Sbi

Press Trust of India  |  New Delhi 

Demonetisation: SBI slashes bulk deposit rates by up to 1.9%

Days after Prime Minister Narendra Modi signalled that rates are on the way down, State Bank of India (SBI) slashed bulk deposit rates by up to 1.9% taking advantage of the surge in deposits following demonetisation.

The reduction in deposit rate by the country's largest lender may be precursor to a lending rate cut.

has reduced interest rates on bulk deposits ranging between Rs 1-10 crore. The new rates are effective from tomorrow, website showed.

With the revised interest rates, the 180-210 day fixed deposit will attract 1.90% lower interest rate at 3.85% as against the 5.75% earlier.

For fixed deposits between 1 year to 455 days, the rate has been lowered to 6% from 4.25%.

For FDs between 7 days to 45 days, the new rate will be 1.25% lower at 3.75%.

Earlier this month, had cut fixed deposit rates for less than Rs 1 crore on select maturities by up to 0.15%.

On Sunday, PM Modi had said: "Over Rs 5 lakh crore deposited with are not going to be kept idle. will have to extend loans for all sorts of economic enterprise... for which they will have to bring down their interest rates.

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First Published: Wed, November 23 2016. 22:15 IST
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