SBI,
one of the country’s largest lender banks, has reduced rates on
selected maturities prior to the review meeting of RBI on monetary
policies scheduled on June18.
The
bank has decided to revise its retail term deposit interest rates
with a reduction of 0.25% in tenure up to 240 days, SBI said in a
statement.
The Interest rate may come down to 7% from existing
7.25% on 7-179 days of fixed deposits.
SBI has base rate or minimum lending rate of 10%. These were last
revised by Bank in April where the rate was slashed about 1% on fixed deposits
as a consequence of RBI’s decision to reduce the key interest rate
by 0.5% up to 8% in its annual credit policy.
Even
RBI Deputy Governor Subir Gokarn had said that there is a room to
ease policy stance in the light of moderating growth and falling
crude oil prices.
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