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Last Updated : Jan 14, 2020 06:18 PM IST | Source: Moneycontrol.com

SBI cuts interest rates on FDs by 15 bps; check latest rates here

The interest rate revision on retail domestic term deposits below Rs 2 crore has come into effect starting January 10, 2020.

 
 
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The State Bank of India (SBI) has revised interest rates on fixed deposits (FD) maturing between 1 year to 10 years. The bank has introduced a 15 basis points (bps) rate cut in the long-term deposits with the aforementioned maturity terms.

The interest rate revision on retail domestic term deposits below Rs 2 crore has come into effect starting January 10, 2020.

As per the information available on SBI's website, FDs with a maturity period of over 1 year and less than or up to 10 years will now fetch customers an interest at the rate of 6.1 percent as against the earlier 6.25 percent. For senior citizens, the new interest rates applicable on such deposits with a term between 1 year to 10 year is now revised to 6.75 percent from the previous 6.60 percent.

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Source: State Bank of India

The proposed interest rates will be made applicable to fresh deposits and renewals of maturing deposits.

Recently, the country's largest lender SBI also announced a scheme for its home loan customers. Under the Residential Builder Finance with Buyer Guarantee (RBBG) scheme, the lender guarantees a refund of the principal amount in cases where the builder fails to complete the project within the time that has been stipulated for completion of the said project.

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First Published on Jan 14, 2020 06:18 pm
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