State Bank of India cuts interest rate on bulk FD by 0.25% on select tenor

State Bank of India (SBI) cuts interest rate on bulk FD by 0.25% on select tenor.

State Bank of India (SBI) SBI-Logoon June 3, 2013 announced reduction in interest rate on fixed deposits (FD) of maturity up to one year by 0.25 per cent to 7.25 per cent.

It has been decided to revise downwards by 25 basis points the interest rate on bulk deposits above Rs 1 crore for the tenors 7 days to less than 1 year, State Bank of India said in a statement.

“Accordingly, the interest rate for bulk deposits for the above tenors will be 7.25 per cent per annum with effect from June 7, 2013,” it said.

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