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SBI Fixed Deposit Interest Rate Cut Announced

Country’s largest lender State Bank of India (SBI), in view of the falling interest rate scenario and surplus liquidity, has realigned its interest rate on Retail Term Deposits (less than Rs. 2 Crore) and Bulk Term Deposits (Rs. 2 Crs and above)
with effect from August 1, 2019. The public sector lender said in a statement today that for time deposits with longer tenors, there is a reduction upto 20 bps in the Retail segment and 35 bps in the Bulk segment. Interest rates have been slashed by 50-75 bps for time deposits with shorter tenors, i.e. upto 179 days. 

SBI Fixed Deposit Rate: Check SBI website for latest rates

SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on March 31, 2019, the bank had a deposit base of over Rs. 29 lakh crore with CASA ratio of 45.74% and advances of over Rs. 22 lakh crore. 

SBI commands around 35% of market share in home loans and auto loans. The Bank has the largest network of 22,010 branches in India and an ATM / CDM network of over 58,000. 

SBI said in the statement that the number of customers using internet banking facility are more than 6 crore and mobile banking services stand at 1.41 crore. Downloads for YONO - an integrated digital and lifestyle platform by SBI - are over 2 Crore, with more than 15 lakh logins per day. 

"On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The Bank tops the list of followers on Facebook and YouTube across all banks worldwide," SBI said. 

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