For Quick Alerts
For Daily Alerts

SBI Cuts Bulk Deposit Rates By 1.9 Per cent


The nation's largest lender, State Bank of India has cut bulk deposit rates by upto 1.9 per cent on various maturities. The move to cut deposit rates comes close on the heels of the demonetization, which has left the banks flush with funds.

SBI Cuts Bulk Deposit Rates By 1.9 Per cent
There are hopes that this may also lead to a sharp drop in lending rates, which would augur well for the economy. Banks in the country have received a staggering sum in excess of Rs 5.4 lakh crores, after the government decided that Rs 500 and Rs 1,000 notes would no longer be a legal tender in India.

It is highly likely that other banks may also slash interest rates, in the coming days. If that happens it could lead to a drop in interest rates across the economy.

Read more about: state bank of india
Story first published: Thursday, November 24, 2016, 10:02 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more