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SBI Reduced FD Rates for 2nd Time

Published on March 10, 2020
Current context: State Bank of India (SBI), has cut interest rates on fixed deposits (FDs) for the second time in a month on 10th March 2020.
SBI Reduced FD Rates for 2nd Time
  • Now the FDs maturing between 7 days to 45 days will offer an interest rate of 4% as against 4.50 % earlier.
  • The revised rates have come into effect from 10th March 2020.
  • Earlier on 10th February 2020, SBI has cut the interest rates on FDs.
  • Interest rates on FDs maturing in one-year and above have been reduced by 10 basis points.
  • An interest rate of 5.90% against 6 % earlier, will be applicable on FD with One-year to less than two-year tenor.
  • For Senior citizens, FD for similar tenor will have an interest rate of 6.40% instead of 6.50% earlier.
  • SBI has reduced the interest rates by 15 basis points on bulk term deposits (Rs 2 crore and above) for 180 days and above tenors.
  • FD rate of 4.60% has been put on the bulk category for the tenor of 1 year or above, instead of 4.75%.
  • The Bank has also reduced the 0ne-year marginal cost of fund-based lending rate (MCLR) by 10 basis points to 7.75 % from 7.85 % earlier.
  • SBI Chairperson: Rajnish Kumar
  • Headquarters: Mumbai

Question: 

Q.1 The Headquarter of the State Bank of India is at ___________?
a. New Delhi
b. Mumbai
c. Kolkata
d. Hyderabad
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