SBI CUT DEPOSIT RATE

The State Bank  of india has lowered the interest rate on fixed deposits across all tenors. The new rates will come into effect from august 1,2019 ,just a few days ahead of the monetary policy meet of the reserve Bank of india .For retail domestic term deposits maturing in 7-45 days,the bank has sharply reduced rates from 5.75 percent to 5 percent .
              On deposits maturing in 46 days to 179 days,the bank has reduced the interest rate to 5.75 percent .Earlier it was offering an interest rate 6.25 per cent.
              For deposits maturing in 180 days to 210 days,the sbi has cut the interest rates by 10 basic points. the bank will now offer an interest 6.25 per cent.
             For short-term deposits ranging from 211 days to less than one year ,the sbi has slashed the interest rate from 6.40 percent to 6.25 per cent.
            On term deposits ranging from one year to less than two years, the bank has reduced the interest rates by 20 basic points. Now these deposits will fetch an interest rate of 6.80 per cent .
           Long-term deposit
The bank has also slashed the interest rates on its long-term deposits ,For deposits maturing in two years to less than three years,the bank has slashed the interest rate by 5 basis points,Now these fixed deposits will fetch an interest rate of 6.70 per cent.
          For fixed deposits maturing in three year to less than five years ,the sbi will offer an interest rate of 6.60 per cent against 6.70 percent earliar.