Interest Rates on Deposits Cut by SBI
The State Bank of India decreased interest rates on some deposits by up to 1 % from 24th april, 2012, following a cut in the central bank’s key policy rate.
SBI cut interest rates on both deposits and loans after the Reserve Bank of India last week slashed its main lending rate by a more-than-expected 0.50 % to 8.0%, in a shift toward focusing on economic growth.
The RBI has also, since January, reduced the percentage of deposits that banks have to park with it by 1.25 percentage points to 4.75%.
Several lenders, including ICICI Bank Ltd., have reduced both their deposit as well as the benchmark, or base, lending rates.
The SBI’s base rate is 10%, just a shade above the 9.75% at ICICI Bank.
The SBI has already cuts interest rates on car loan and is considering cutting rates for almost everything except for home loan, Mr. Chaudhuri said.The SBI’s base rate is 10%, just a shade above the 9.75% at ICICI Bank.
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