Days after the RBI reduced the repo rate by 40 bps to 4%, State Bank of India reduced the interest rate on deposits below ₹2 crore by up to 40 bps.
The new rates came into effect from May 27. The new rates for 1 year to less than two years maturity, and two years to less than three years, will be 5.10%. Senior citizens will be offered 50 bps higher rate, that is, 5.6%. The deposit rate for three years to less than 5 years will be 5.30%, while for 5 years and up to 10 years it will be 5.4%.
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Source Name – The Hindu