Daijiworld Media Network - New Delhi

New Delhi, Dec 13: State Bank of India (SBI) on Friday announced modest cuts in select deposit rates and key lending benchmarks, with the revised rates set to take effect from December 15.

Under the changes, the interest rate for retail term deposits with a tenure of two to less than three years has been lowered to 6.40 per cent from 6.45 per cent. Senior citizens, who receive an additional 50 basis points over the regular rate, will now earn 6.90 per cent, down from 6.95 per cent. SBI said all other retail term deposit rates will remain unchanged. These revisions apply to domestic retail deposits below Rs 3 crore.

The bank has also reduced the rate on its popular 444-day “Amrit Vrishti” fixed deposit to 6.45 per cent from the earlier 6.60 per cent.

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