Stock Market Tips- Ahead of RBI policy, SBI cuts 1 year FD rates to 6.50%, base rate to 8.95%

• Click Here and enjoy two days FREE TRIAL www.ripplesadvisory.com

State Bank of India (SBI), country’s largest bank, revises its one-year retail fixed deposit rates up to Rs 1 crore to 6.50 percent, down by 25 basis points (bps).

Revision in interest rates on retail domestic term deposits (below Rs 1 crore) with effect from 01.10.2017, SBI said on its website.

Senior citizens will get an interest rate of 7 percent, down from 7.25 percent.

From October 1, SBI also reduced its base rate to 8.95 percent p.a. (from 9 percent) while its MCLR or marginal cost based lending rate continued to be at 8 percent on one-year tenure loans.