SBI & IDBI cut Deposit Rates by Up to 50 BPS -
SBI & IDBI Banks, India’s largest lenders have announced an up to 50 bps reduction in their term deposit rates.
This is the first time this year that SBI has cut interest rates on retail deposits. However, the bank had sharply reduced interest rates on bulk deposits along with other banks to 7.5%
Following the rate revision,
* New Interest per annum in SBI / Interest per Annum on fixed deposits in State Bank of India (SBI) / SBI Bank interest rate on Fixed Deposits -
- SBI (State Bank if India) will offer 8.10% on 1-2 year deposits as against 8.5% earlier.
- 2 or 3 year deposits will attract an interest rate of 8.25% against 8.75% earlier.
- The special category of 1000 day deposits will now fetch 8.5% return against 9%
* IDBI Bank interest rates per Annum -
- IDBI after rate cut will offer floating rate home loans up to Rs. 20 lakh at 9.75% and will charge 10.25% for loans above Rs.20 Lakhs.
- The margin on Home loans has also been reduced to 15% from 20% for loans up to Rs. 30 Lakhs, and to 20% from 25% for loans above Rs. 30 Lakhs
