SBI reduces interest on fixed deposits

Country’s largest lender State Bank of India has cut its term deposit rates by 0.25 percent effective from October 1.

According to the new structure, for up to 1-year deposits, SBI will offer a rate of 6.50 percent as compared to 6.75 percent earlier.

The rates have been revised for up to 1-year term deposits and for amount below Rs one crore.

According to the new structure, for up to 1-year deposits, SBI will offer a rate of 6.50 percent as compared to 6.75 percent earlier.

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