SBI FD Interest Rates: With the latest reduction, SBI said it passed on the entire benefit of the 75-basis point cut in repo rate by the RBI.
State Bank of India (SBI) on Friday announced a cut of 75 basis points in its lending rates, hours after the Reserve Bank of India (RBI) announced a reduction of the same magnitude in the repo rate. Repo rate is the key interest rate at which the regulator lends short-term funds to commercial banks such as SBI. In a statement late on Friday, the country’s largest bank by assets said that with the latest cut, it passed on the entire benefit of the 75-basis point cut by the RBI. SBI said the news lending rates will take effect from April 1.
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