SBI cuts long-term FD interest rates by 15 bps
Tuesday, January 14, 2020, 2:58 PM
The country's largest lender, the State Bank of India(SBI), has reduced interest rates on fixed deposits(FDs) for certain tenures by 15 basis points (bps) ( 1 bps = 100 percentage points). The new rates came into effect from January 10, 2020 and for those FDs below Rs.2 crore. The bank has cut rates on long-term fixed deposits maturing in 1 year to 10 years.
RBI officers' credit society has Rs.105 crore in PMC Bank
Thursday, September 26, 2019, 4:29 PM
The Reserve Bank Officers' Cooperative Credit Society (RBOCCS) has fixed deposits totalling Rs.105 crore with Punjab and Maharashtra Cooperative (PMC) Bank, as per the society's FY19 annual report. On Tuesday, the RBI directed that the customers of the Mumbai-based bank can withdraw only Rs.1,000 in six months. The RBI imposed the restriction amid a probe into PMC Bank's accounting lapses.
SBI reduces interest rate on fixed deposits across all maturities
Monday, July 29, 2019, 2:58 PM
State Bank of India(SBI), in view of the falling interest rate scenario and surplus liquidity, has announced a reduction in fixed deposit interest rates across all maturities. In a press release, the bank stated that the new rates will be effective from August 1, 2019. SBI has cut rates on retail term deposits below Rs.2 crore and on bulk term deposits above Rs.2 crore.