SBI reduce bulk deposits
State Bank of India is said to be reduced bulk deposit rates by 1.9 percent to make most of increased deposits which follows demonetization of Rs 500 and Rs 1000 notes.
Reduction is said to be made by SBI, largest at the country to lend rate cut. Bulk deposits is at the range of Rs 1 to 10 crore, interest rate is said to be decreased down by SBI. As per website announcement, new rates are set come at effect on Thursday.
As per the revised interest rates, about 1.90 percent lower interest rate is said to be applicable and the rate is said to be 3.85 percent. In fixed deposit for deposit made for one year to 455 days, rates are reduced to 6 percent at the range 4.25. Fixed deposit are made from 7 to 45 days, where there is 1.25 percent reduction and the new rate is 3.75 percent. 0.15 percent reduction on fixed deposits under one crore. As per Narendra Modi, amount deposited over Rs 5 lakh will not kept idle.