SBI cuts the savings in lockdown, customers face big blow

Amid lockdown, the country’s largest bank SBI has reduced the interest rate of home or car loan. But you have also used scissors on your savings. Yes, SBI has reduced the interest rate on retail and lump sum deposits i.e. FD.

This means that if you have made a fixed deposit in SBI, then you will get less interest now than before. Here, let us tell you that FDs are invested in large scale in the country for traditional, safe and fixed interest income.

SBI has reduced the interest rates on retail deposits of less than Rs 2 crore rates by 0.50 per cent. The new interest rates will be applicable from March 28.

At the same time, this is the second time within a month when SBI has reduced the interest rate on FD. Earlier on March 10, interest rate reduction was registered on SBI’s fixed deposits.

Here is the new interest rate:
7-45 days – 3.5%
46-179 days – 4.5 % 180-210 days –
5%
211 days – Less than 1 year – 5%

FD interest rate for all periods ranging from 1 year to 10 years It has come down to 5.7 percent.

In the last few years, almost every bank has cut the interest rates of FDs. Senior citizens suffer the most loss of interest rate cut on FDs. Actually, this class depends on the interest income of FD.

know that SBI has decided to extend the full benefit of 0.75 percent reduction in repo rate to its customers. The bank’s new rates will be effective from April 1. After this, all types of retail loans will become cheaper