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SBI reduced interest on deposits, reduced by 0.50-0.75% on deposits upto 179 days

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  • This reduction will be applicable on deposits of less than 2 crore rupees, deduction from 0.20% to 0.35% on deposits of 20 million to 10 crore
  • New rates will be effective from 1st August, 5% interest will be deposited on 7-45 days instead of 5.75%

new Delhi. State Bank of India (SBI) has reduced interest rates on deposits. Interest on deposits upto 179 days has been reduced by 0.50% to 0.75%. Interest on deposits of more than 179 days has been reduced by 0.20% to 0.35%. New rates will be effective from 1st August. SBI gave this information on Monday. The bank has said that it has liquidity surplus and the rate of interest reduction is going on. With the new deposits, renewal deposits will be renewed even after new renewal.

Interest on deposits of less than 2 crores

Duration of deposit Current interest rate (%) Interest rate (%) from 1st August
7-45 days 5.75 5
46-179 days 6.25 5.75
180-210 days 6.35 6.25
211 days to 1 year 6.4 6.25
1-2 years 7 6.8
2-3 years 6.75 6.7
3-5 years 6.7 6.6
5-10 years 6.6 6.5

Interest on deposits up to Rs 2 crore to 10 crore

Duration of deposit Current interest rate (%) Interest rate (%) from 1st August
7-45 days 5.75 5
46-179 days 6.25 5.75
180-210 days 6.35 6.25
211 days to 1 year 6.4 6.25
1-2 years 6.7 6.7
2-3 years 6.75 6.7
3-5 years 6.8 6.6
5-10 years 6.85 6.5

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