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SBI Slashes FD Rates: Big Banks Compete!
16 Dec
Summary
- SBI reduced fixed deposit rates by 5 basis points.
- New rates affect tenures between 2 to less than 3 years.
- HDFC, ICICI, and Canara Bank also have comparable FD rates.
State Bank of India has recently adjusted its fixed deposit (FD) interest rates, reducing them by 5 basis points for tenures spanning from 2 years to less than 3 years. Following this revision, general citizens will now receive an interest rate of 6.40%, while senior citizens will earn 6.90% on these specific deposit terms.
These updated rates position SBI's offerings in alignment with those provided by other leading banks, including HDFC Bank, ICICI Bank, and Canara Bank. This creates a competitive landscape where customers can analyze varying returns across different financial institutions for their fixed deposits.
Depositors are advised to carefully compare the fixed deposit interest rates offered by various banks. Choosing the right tenure and institution can help maximize returns while ensuring the safety of invested funds, especially in the current environment of shifting interest rate policies.
