State Bank of India (SBI), country’s largest bank, revises its one-year retail fixed deposit rates up to Rs 1 crore to 6.50 percent, down by 25 basis points (bps).
Revision in interest rates on retail domestic term deposits (below Rs 1 crore) with effect from 01.10.2017, SBI said on its website.
Senior citizens will get an interest rate of 7 percent, down from 7.25 percent.
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.
Currently, SBI and most other banks including HDFC and ICICI Bank are offering home loans starting from 8.35 percent for women borrowers and 8.40 percent for the rest.
RBI Credit Policy: How Interest Rates Work
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