State Bank of India reduces FD rates

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.

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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.