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Current Affairs

SBI Reduced FD Rates for 2nd Time

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


Q.1 The Headquarter of the State Bank of India is at ___________?
a. New Delhi
b. Mumbai
c. Kolkata
d. Hyderabad
SBI Reduced FD Rates for 2nd Time SBI Reduced FD Rates for 2nd Time Reviewed by Neha Verma on March 10, 2020 Rating: 5

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