According to the newly effective interest rate, FD having tenor of 7 to 45 days will earn 4 per cent instead of 4.5 per cent earlier.

FD rates for tenure of one-year and above have been reduced by 10 bps. The one year FD will now earn 5.9 per cent instead of 6 per cent earlier.

This is the second time bank has reduced rates in one month. In February the PSU bank reduced FD rates by 10-50 bps. The back-to-back rate cuts have come despite RBI maintaining status quo in its monetary policy announcement in the month of February.

In should be noted that FD rates applicable for tenure of 46 days to 179 days, 180 days to 210 days and 211 days to less than one year have been kept unchanged.

The PSU bank has als0 reduced the MCLR rates by up to 15 bps.

The post SBI reduces FD rates appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

SBI is making home-auto and personal loans cheaper from tomorrow.

SBI has reduced MCLR rates by 0.10 per cent from October 10. Let us tell you that on October 4, the Reserve Bank of India (RBI) has announced a reduction of 0.25% of the Repo Rate Cut. The repo rate has come down by 0.25 per cent to 5.15 per cent. In a statement issued by SBI, it said that the bank has reduced the MCLR rates by 0.10 per cent for all periods to give more benefit to the customers on the occasion of the festival. Now for one year, the new MCLR rates have come down from 8.15 per cent to 8.05 per cent. The new rates will be applicable from October 10. The bank has reduced rates for the sixth consecutive time in the current financial year.

Rate of interest reduced on fixed deposits.

The bank has also reduced the interest on retail term deposits i.e. fixed deposits (FD) and bulk term deposits for one to two years. SBI has reduced the interest rate on FD by 10 basis points. At the same time, the interest rate on bulk term deposits has been reduced by 30 basis points. The term of this term deposit is from one year to two years. The new interest rate will be effective from October 10.

The post SBI Cuts Interest Rates appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.