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Ahead of RBI policy, SBI cuts 1 year FD rates to 6.50%, base rate to 8.95%

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State Bank of India (SBI), country’s largest bank, revises its one-year retail fixed deposit rates up to Rs 1 crore to 6.50 percent, down by 25 basis points (bps).

Revision in interest rates on retail domestic term deposits (below Rs 1 crore) with effect from 01.10.2017, SBI said on its website.

Senior citizens will get an interest rate of 7 percent, down from 7.25 percent.

From October 1, SBI also reduced its base rate to 8.95 percent p.a. (from 9 percent) while its MCLR or marginal cost based lending rate continued to be at 8 percent on one-year tenure loans.

Currently, SBI and most other banks including HDFC and ICICI Bank are offering home loans starting from 8.35 percent for women borrowers and 8.40 percent for the rest.

This comes as a precursor to the key interest rate decision on Wednesday and the Reserve Bank of India is widely expected to keep the repo rate unchanged at 6 percent.

SBI’s decision to reduce rates also comes just in three months as the rates were previously revised in July.

SBI, which accounts for more than a fifth of India’s banking assets, had revised its interest rates by 15 bps lower to 6.75 percent.

The interest rate payable to SBI Staff and SBI pensioners will be 1.00 percent above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50 percent above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1 percent) and resident Indian Senior Citizens (0.50 percent).