State Bank of India (SBI) has cut interest rates on fixed deposits (FD) for certain tenors for the second times. It has reduced a rate cut up to 50 basis points (bps) in some tenors, and for some tenors, it has announced a reduction of 10 bps. The new rates were made effective from 10 March.
Daily Current Affairs Quiz 2020
This is the second time bank has reduced rates in one month. 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.
